Marvel, HDFC PMS tie up for Cummins' Pune land

Cummins, the maker of industrial engines, is tipped to sell a plot of land it owns in Pune to Marvel, a Pune-based property group.

Marvel, according to market sources, could be part-financed by HDFC PMS, the country's largest real estate fund. The transaction is expected to be valued at 170-180 crore. Marvel will form a joint venture with HDFC PMS to develop the land.

With this deal, HDFC PMS will complete its investment in the 3,900 crore fund.