Brookfield to invest over $1 bn to develop Asia's largest GCC in Maharashtra, will create 45,000 jobs

Canadian-American asset manager, Brookfield Asset Management, will invest $1 billion to develop Asia’s largest global capability centre (GCC) in Mumbai’s Powai, it said in a statement on Friday. The development will house a GCC for a multinational bank for a 20-year term, the company said.

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More about Brookfield's $1 bn investment

Maharashtra Chief Minister Devendra Fadnavis on Friday, December 12, announced that global alternative asset manager Brookfield is set to invest over $1 billion (around ₹9,000 crore) to build a large global capability centre (GCC) facility in the state.

Speaking on the sidelines of an event in Mumbai, the CM said discussions with the company have progressed, and a formal agreement will be signed soon.

“It will be more than $1 billion. One single project will create 45,000 jobs,” he said.

Brookfield has stated that the development is being undertaken in partnership with BS Sharma and through an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA).

The GCC project will take place on a six-acre site in Powai, with plans to set up 20 lakh sq ft of lettable space by 2029.

According to Brookfield, it chose Powai for strong connectivity, social infrastructure and a deep talent pool, being one of Mumbai’s most attractive business districts.

The asset manager mentioned recently completing a similar build-to-suit GCC tower in Pune for a financial services firm. 

Brookfield has been in India for 15 years, managing about $30 billion in the country across real estate, infrastructure, renewables and private equity.

In May, it outlined plans to scale its India assets under management to $100 billion over the next five years and had affirmed $12 billion investment in the Mumbai metropolitan region.

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