Brookfield Invests USD 1 Billion to Build Asia's Largest GCC in Mumbai

Maharashtra Chief Minister Devendra Fadnavis announced on Friday that global asset manager Brookfield is set to invest over USD 1 billion (around Rs 9,000 crore) to build a major Global Capability Centre (GCC) facility in the state. This significant investment is expected to have a massive employment impact, creating around 45,000 jobs.

CM Fadnavis stated that the Maharashtra government introduced a dedicated GCC policy earlier this year to boost the state's economy and create new job opportunities. The policy aims to generate 4 lakh new jobs, with a particular focus on the Mumbai and Pune regions for GCC expansion.

According to a statement from Brookfield, the company has partnered with B. S. Sharma for the development of the project. The GCC will be built on a six-acre site in Mumbai's Powai area and will feature 20 lakh sq ft of lettable space by 2029. The facility will be the largest in Asia, and it has already secured a 20-year lease with a major multinational bank. All power needs for the new GCC will be met through green and renewable energy sources, aligning with the state's commitment to sustainable development.

Brookfield's growing footprint in India is evident from its recent projects. The company recently delivered a similar build-to-suit tower in Pune for a leading global financial services firm. Earlier in May, Brookfield announced its aim to triple its India assets under management to USD 100 billion within five years. It also committed USD 12 billion in investments in metropolitan Mumbai. Brookfield currently manages around USD 30 billion in India across infrastructure, real estate, renewable power, and private equity. The company is among the largest office owners and operators in India, with around 55 million sq ft across seven cities.

The choice of Powai for the GCC project was driven by its strong appeal as an urban hub. Powai is known for its mixed-use environment, excellent connectivity, access to social infrastructure, and a rich talent pool. These advantages make it one of Mumbai's most desirable districts for large corporate facilities.

Fadnavis emphasized the state's commitment to fostering the growth of GCCs. The dedicated GCC policy introduced earlier this year aims to attract more such investments and create a conducive environment for multinational companies to set up their operations in Maharashtra. A senior official revealed that the Chief Minister met with Brookfield's Ankur Gupta to discuss the upcoming Powai facility.

Global Capability Centres (GCCs) are offshore units that support multinational companies across a range of global functions. Firms like Brookfield develop and lease customised real estate spaces for these centres, providing a strategic advantage for companies looking to expand their operations in emerging markets.

The announcement of this major investment by Brookfield underscores the confidence of global investors in Maharashtra's business environment and the state's commitment to economic development and job creation.