Brookfield to build Asia's largest GCC in Mumbai for $1B
What's the story
Canadian asset management firm Brookfield is set to invest over $1 billion (approximately ₹9,000 crore) in a Global Capability Center (GCC) facility in Mumbai. Maharashtra Chief Minister Devendra Fadnavis made the announcement today. The project will create around 45,000 jobs and is part of the government's efforts to position Maharashtra as a global hub for such centers.
Project details
GCC facility to be built in Powai
The GCC facility will be built on a six-acre site in suburban Powai. It will have a "lettable area" of two million square feet, making it the largest such center in Asia. Brookfield has already signed a long-term lease with a multinational bank for the space and plans to power all operations through renewable energy sources.
Growth strategy
Brookfield's expansion plans in India
In May 2023, Brookfield Asset Management announced its plan to more than triple its assets under management in India to $100 billion over the next five years. The company also pledged a $12 billion investment in metropolitan Mumbai. Currently, Brookfield is one of India's largest office owners and operators with some 55 million square feet across seven cities.
Policy impact
Maharashtra's GCC Policy 2025
The Maharashtra government's GCC Policy 2025 was launched on September 30, with the aim of attracting investments by providing financial support and operational ease. The policy aims to make Maharashtra a global hub for GCCs, with a target of adding 400 new centers by 2030. This would create around 400,000 high-skilled jobs in the state.