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ICE Expands India Footprint with Pune Tech Hub
18 Feb
Summary
- Intercontinental Exchange is establishing a global capability centre in Pune.
- The company leased nearly 2 lakh sq ft of office space.
- This expansion supports product engineering and technology operations.
Intercontinental Exchange (ICE) is significantly expanding its presence in India with the establishment of a global capability centre in Pune. The company's subsidiary, ICE Mortgage Technology India, has secured a long-term lease for approximately 193,053 square feet across nine floors in Magarpatta Cybercity.
This new facility will serve as a centre for product engineering and technology operations. The lease agreement fixes rental costs at Rs 90 per square foot per month, amounting to approximately Rs 1.73 crore monthly. Rentals are set to escalate by 15% every three years.
The transaction highlights Pune's emergence as a key destination for global capability centres, attracting multinational corporations, especially in the financial services and technology sectors. These firms are drawn by the city's substantial engineering talent pool and competitive operating expenses.
This move by ICE reflects a broader trend of multinational companies increasing their footprint in India for various functions, including product development and data analytics. Cities like Pune, Bengaluru, and Hyderabad are becoming preferred hubs due to skilled workforces and mature business ecosystems.
