The legend states that Pune, until recently spelt as Puna, started as a village (probably during the 8th century), and at that time it was called Punnak, which later became Punya Nagari, that is, the abode of virtuous souls. The place located on the confluence of the Mutha and Mula rivers and set amidst hills and hillocks, natural greenery and salubrious climate, continued to grow and became the seat of power of the mighty Maratha chieftains and kings, including Raja Shivaji and the Peshwas until it was annexed by the British East India Company and became a part of the British Raj. The modern Pune is a prosperous city with commercial and industrial facilities, including bases of most of the Indian multinational and global IT corporations.