ArcelorMittal Nippon Steel Leases Office Space in BKC

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between two of the world’s leading steel manufacturers, has picked up two floors of prime office space in Mumbai’s business district Bandra-Kurla Complex to set up its headquarters in the country, said people with direct knowledge of the development. AM/NS India, which is 60% owned by the world’s biggest steelmaker and the rest by Japan’s Nippon Steel, has leased over 45,000 sq ft office space in Raheja Towers for a tenure of five years. The steel manufacturer will be occupying the entire 6th and 7th floor of the 15-storey commercial tower and will pay rental of Rs 250 per sq ft a month for the office space. The five-year lease agreement includes a clause to escalate rentals by 15% after initial three years. The company may extend the lease term by an additional five years. The company’s total rental pay-out works out to Rs 72 crore over the tenure of the deal, while the company has paid security deposit worth six months’ rentals. “We confirm that ArcelorMittal Nippon Steel India (AM/NS India) today shifted to a new office in Raheja Towers, which is strategically located in the Bandra Kurla Complex (BKC) business district. The modern office embeds a hybrid working model along with sustainability focus,” said a spokesperson of AM/NS India.