ArcelorMittal leases 1 lakh sq ft Pune office to set up GCC, paying Rs 63 lakh rent per month

The company is paying a monthly rent of around Rs 63 lakh

Luxembourg-based steel firm ArcelorMittal has leased around 1 lakh square feet in office space in Pune's Hinjawadi for a monthly rental of around Rs 63 lakh, according to lease documents accessed by Propstack. ArcelorMittal took up the space through two leases starting May 2025, leasing a total of four floors at the property, owned by Temasek-backed CapitaLand India Trust (CLINT).

CLINT bought the property, Nalanda SEZ IT Park, for Rs 773 crore in 2024, and branded it as aVance-II, close to its other major owned office in the area, named aVance.

Both the leases are for five years each. CLINT is charging ArcelorMittal a rent of Rs 85 per square foot per month for the smaller lease of 25,581 square feet, with a 5 percent annual escalation, while the rental for the other, larger lease of around 77,000 square feet is Rs 53 per square foot per month. The latter lease rent, which also carries a Rs 2.05 crore deposit, is slated to increase by 15 percent every three years, the documents showed.

The metals major is leasing the space to set up a global capability centre (GCC), according to market sources. Pune is a major hub for GCCs, including in the manufacturing space, such as for automobiles, engineering, avionics, medical devices, and others.

Moneycontrol has written to ArcelorMittal for comment on the lease, and the story will be updated once a response is received. CLINT did not comment on the matter.

ArcelorMittal, promoted by the Indian businessman Lakshmi Niwas Mittal, is one of the largest steel producers in the world, and currently ranks second on the global list of steel producers by production, behind the Chinese firm Baowu Group. The company has manufacturing operations globally, including in India, where it operates in a joint venture with Nippon Steel as ArcelorMittal Nippon Steel India.