Global steel major ArcelorMittal has strengthened its India operations by securing a large office footprint in one of Pune’s key technology corridors.
ArcelorMittal Global Capability Center Pvt Ltd has leased close to 1 lakh sq ft of office space at Nalanda SEZ IT Park in Hinjewadi, Pune, through 2 separate lease agreements. The combined monthly rental for the space is around ₹62.6 lakh, as per lease documents shared by a data analytics firm. Both agreements are signed with Nalanda Shelter Private Limited and mark fresh occupancies at the IT park.
Under the first agreement, the company has leased 25,581 sq ft on the ground floor, with the lease starting on May 15, 2025. The space is designed for around 300 seats along with cabins and meeting rooms. It has been taken at a rent of ₹85 per sq ft per month, amounting to nearly ₹21.74 lakh in monthly rent. The lease tenure is 60 months with a 5% annual escalation, and no security deposit has been paid.
The second agreement covers a larger area of 77,198 sq ft on the third floor, also commencing on May 15, 2025. This space has been leased at ₹53 per sq ft per month for a period of 5 years. The monthly rent for this portion is about ₹40.9 lakh, with a 15% escalation every 3 years. A security deposit of ₹2.05 crore has been paid for this lease.
As part of the second deal, ArcelorMittal GCC has also secured a hard option to lease an additional 61,506 sq ft across the second and third floors, offering scope for future expansion.
Property experts say the transaction reflects sustained demand from multinational companies for large office spaces in Pune, especially from global capability centres looking for scalable campuses. Hinjewadi continues to attract occupiers due to competitive costs, SEZ compliant infrastructure and access to a strong talent pool.
“ArcelorMittal’s lease of over 1 lakh sq. ft. in Pune is a strong testament to Maharashtra’s cementing status as a preferred destination for Global Capability Centers (GCCs). We are seeing a structural shift where global manufacturing and engineering giants are deepening their India footprint, moving beyond traditional IT hubs,” said Raja Seetharaman, co founder of the analytics firm.
GCCs are offshore units of multinational companies that handle technology, analytics, operations and strategic functions.
Queries have been sent to ArcelorMittal Global Capability Center and Nalanda Shelter Private Limited. The story will be updated if responses are received.
The leasing activity also aligns with Maharashtra’s broader GCC push. On September 30, 2025, the state cabinet approved the GCC Policy 2025, aimed at boosting infrastructure, investment and employment. The policy is expected to attract ₹50,600 crore in investments and create nearly 4 lakh jobs between 2025 and 2030.
The state currently hosts about 400 GCCs employing nearly 4 lakh people, out of India’s total of over 1,900 centres with around 19 lakh employees. The new policy targets adding another 400 GCCs, with a focus on tier 2 and tier 3 cities such as Nashik, Nagpur and Chhatrapati Sambhajinagar.
Chief Minister Devendra Fadnavis said on December 12 that global asset manager Brookfield plans to invest around ₹9,000 crore to set up a GCC facility in Maharashtra, which is expected to generate about 45,000 jobs.
At the same time, Hyderabad continues to see strong GCC momentum, hosting over 70 centres from companies including Netflix, Eli Lilly, Costco and McDonald’s. Real estate experts note that the city has attracted nearly 40% of India’s new greenfield GCCs over the last 3 years, supported by competitive rents, strong infrastructure and supportive policies.
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