Brookfield Invests $1 Billion to Build Asia’s Largest Global Capability Centre in Mumbai
Mumbai: Maharashtra Chief Minister Devendra Fadnavis has announced that asset manager Brookfield is set to invest over $1 billion (approximately Rs 9,000 crore) to create a global capability centre (GCC) facility in the state. This significant investment is expected to create a total of 45,000 jobs.
Fadnavis stated that a formal agreement for the GCC will be signed in due course, highlighting that the government and Brookfield have finalized the plan through extensive discussions. '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 in Mumbai.
In a subsequent statement, Brookfield confirmed that it has partnered with B S Sharma for the project. The project is being developed through an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA). The facility will be constructed on a six-acre site in suburban Powai, with a 'lettable area' of 20 lakh square feet expected to be completed by 2029.
The facility will be the largest in Asia, and Brookfield has already signed a 20-year lease agreement with a multinational bank. The entire power requirement for the GCC will be met through green energy sources, aligning with the company's commitment to sustainability.
Brookfield has a significant presence in India, having been active in the market for 15 years. The firm aims to more than triple its assets under management in India to $100 billion over the next five years. In May, Brookfield Asset Management committed to investing $12 billion in metropolitan Mumbai. Currently, the firm manages approximately $30 billion in assets across infrastructure, real estate, renewable power, and private equity businesses in India.
Brookfield is one of the largest office owners and operators in India, managing around 55 million square feet of office space across seven cities. The choice of Powai for the GCC is strategic, given the area's mixed-use ecosystem, strong connectivity, access to social infrastructure, and a thriving talent pool, making it one of Mumbai's most sought-after urban districts.
Fadnavis emphasized that the state introduced a dedicated GCC policy earlier this year with the goal of creating 4 lakh new jobs. The focus is on expanding such centers in the Mumbai and Pune regions. A senior official noted that CM Fadnavis met with Ankur Gupta from Brookfield, and the facility will be developed in suburban Powai.
Global capability centres, or GCCs, are offshore units of multinational corporations created to support global operations across various functions. Companies like Brookfield develop real estate spaces that are then leased to these corporations to support their operations.
