Brookfield Invests $1 Billion in Maharashtra to Build World’s Largest GCC Facility
Mumbai, December 12 (PTI) Chief Minister Devendra Fadnavis announced that asset manager Brookfield Properties is planning to invest over $1 billion to create a global capability centre (GCC) facility in the state. This significant investment will not only bolster Maharashtra's real estate and infrastructure sectors but also create a substantial number of employment opportunities.
Fadnavis held discussions with key Brookfield executives, and they have finalized plans to create a 2 million square feet GCC facility, which is expected to be the largest in Asia and possibly the world. The facility will generate over 15,000 direct jobs and support another 30,000 jobs indirectly.
'It (investment) will be more than $1 billion. One single project will create 45,000 jobs,' Fadnavis told reporters on the sidelines of an event. A formal agreement between the government and the asset manager will be filed in due course, he added.
Brookfield Asset Management has been present in India for 15 years and currently manages around $30 billion in assets across infrastructure, real estate, renewable power, and private equity businesses. In May this year, the firm announced its aim to more than triple its assets under management in India to $100 billion over the next five years.
Fadnavis highlighted that the state, which introduced a dedicated GCC policy earlier this year with the aim of creating 400,000 new jobs, is focusing on the Mumbai and Pune regions to expand such centers. A senior official mentioned that the Chief Minister met with Ankur Gupta from Brookfield, and the facility will be located in suburban Powai.
GCCs are offshore units of multinationals created to support global operations across various functions. Companies like Brookfield develop real estate spaces that are then rented to these multinational entities. This project is a significant step towards enhancing Maharashtra's position as a leading hub for global business operations and job creation.
