Cummins buys office campus in Pune for Rs.750 crore.

In one of the biggest deals in office realty in recent times, US-based industrial engine maker Cummins bought its India office campus building in Pune from Panchshil Realty.

According to sources close to the development, the deal is valued at about Rs. 750 crore for approximately seven lakh square feet spread over two office towers in Balewadi, Pune.

Developed on a built-to-suit basis, the campus is expected to house about 5,000 employees.

While Panchshil Realty declined to comment, an email sent to Cummins India also went unanswered.

However, a person privy to the development said: 'The idea behind the deal is to consolidate Cummins’ various offices in Pune under one roof as well as plan its future growth as the new campus provides the necessary scalability potential.'

While employees have moved into the first building, the second building is expected to become operational by August-September, he added.

The deal marks a significant milestone for Pune-based Panchshil Realty.

HBL