Brookfield to invest USD 1 billion to build Asia's largest GCC in Mumbai

Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Friday said asset manager Brookfield is set to invest over USD 1 billion (around Rs 9,000 crore) to create a global capability centre (GCC) facility in the state.

Fadnavis said a formal agreement for the GCC, which will create a total of 45,000 jobs, will be signed in due course, pointing out that the government and Brookfield have zeroed in on a plan in discussions.

"It (investment) will be more than USD 1 billion. One single project will create 45,000 jobs," Fadnavis told reporters on the sidelines of an event here.

In a statement issued later, Brookfield said it has partnered with one B S Sharma for the project, and added the project is being developed through an agreement between Mumbai Metropolitan Region Development Authority (MMRDA).

The project is spread over six acres in suburban Powai, and will see construction of a "lettable area" of 20 lakh sq ft by 2029, the statement said.

The facility will be the largest in Asia and Brookfield has signed up with a multinational bank for a lease having a 20-year term, the statement said, adding that the entire power requirements for the GCC will be met through green sources.

The asset manager said it has already commissioned a similar build-to-suit tower in Pune for the GCC of a large financial services corporation.

In May this year, Brookfield Asset Management aims to more than triple its assets under management in India to USD 100 billion over the next five years. It had also committed to invest USD 12 billion in metropolitan Mumbai. Overall, the firm's AUM in India, where it has been present for 15 years, is around USD 30 billion across infrastructure, real estate, renewable power, and private equity businesses.

At present, Brookfield is one of the largest office owners and operators in India with approximately 55 million square feet across seven cities in India.

The statement said Powai has advantages stemming from the mixed-use ecosystem, strong connectivity, access to social infrastructure and a thriving talent catchment which makes it one of Mumbai's most sought-after urban districts.

Fadnavis said the state, which introduced a dedicated GCC policy earlier this year with the aim of creating 4 lakh new jobs, is focusing on the Mumbai and Pune regions to expand such centres.

A senior official said that CM met Ankur Gupta from Brookfield, and the facility will come up in suburban Powai.

GCCs are offshore units of multinationals created to support global operations across functions. Entities like Brookfield create real estate spaces that are rented to companies.