Brookfield to Invest $1 Billion in Asia's Largest GCC Facility in Maharashtra
Maharashtra is set to host Asia's largest global capability centre (GCC), with Brookfield Asset Management making a significant investment of over $1 billion in a new facility in Mumbai, as reported by PTI on December 12, 2023. This will be one of the world's largest such centres, underscoring the state’s commitment to competing globally in attracting such facilities.
The project will span 2 million square feet and is expected to generate 15,000 direct jobs, with the potential to support another 30,000 indirectly. Chief Minister Devendra Fadnavis emphasized that the scale of the upcoming centre highlights the state’s intent to attract and retain global talent and investment.
Fadnavis further stated that the decision to invest in this facility followed discussions with senior Brookfield executives. The facility is planned for Powai, and a formal agreement between the company and the state government will be completed in the coming months. Powai is already a hub for technology and financial services operations, providing the project with access to a large talent pool and established infrastructure.
The GCC segment has become an important contributor to employment and real estate demand in major Indian cities as global firms expand their shared services and digital operations. Brookfield Asset Management, which has been present in India for 15 years, has gradually widened its portfolio in line with the country’s demand for long-term capital. The firm aims to increase its assets under management in the country to $100 billion over the next five years. Currently, its assets under management stand at around $30 billion, spread across infrastructure, real estate, renewable power, and private equity.
For Maharashtra, this project represents a key milestone from the jobs perspective. Earlier this year, the state introduced a GCC policy aimed at creating 400,000 new jobs. Mumbai and Pune are central to this plan as the government works to attract multinational firms building offshore units to support global operations. GCCs typically handle functions such as technology, finance, analytics, and shared services, and companies like Brookfield play a crucial role by developing large campuses that can be leased to these units.
PTI reported that Fadnavis held detailed discussions with Ankur Gupta of Brookfield before the firm finalized Powai as the project site. The location’s existing infrastructure and talent pool make it an ideal choice for such a significant investment.
The investment also aids Maharashtra’s push to strengthen its position as a preferred destination for multinational corporations. The state government will continue to support companies through policy measures and infrastructure development as the sector expands, Fadnavis said. This project is expected to not only boost employment but also enhance the state’s reputation as a hub for global business operations.
