Maharashtra CM Devendra Fadnavis on Friday stated there will be a massive employment impact of the project and that one single project will create around 45,000 jobs
CM Fadnavis said that the Maharashtra govt introduced a dedicated GCC policy earlier this year. File Pic/X
Maharashtra Chief Minister Devendra Fadnavis on Friday announced 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, reported the PTI.
He said that a formal agreement will be signed soon, as discussions between the government and Brookfield have already outlined a clear plan.
CM Fadnavis also stated the massive employment impact of the project, stating, “One single project will create 45,000 jobs.”
Partnership and development agreement executed
According to a statement from Brookfield, the company has partnered with B. S. Sharma for the development. The project is being executed under an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA), as per the PTI.
The GCC will come up on a six-acre site in Mumbai's Powai area, featuring 20 lakh sq ft of lettable space by 2029.
Brookfield said that 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, the news agency reported.
Brookfield’s growing footprint in India
Brookfield noted that it recently delivered a similar build-to-suit tower in Pune for a leading global financial services firm, as per the PTI.
Earlier in May, the asset manager 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.
Why Powai was chosen for the project?
The announcement on Friday highlighted Powai’s strong appeal as an urban hub, citing 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.
State's push for GCC growth
Fadnavis added that the Maharashtra government introduced a dedicated GCC policy earlier this year with the goal of generating 4 lakh new jobs. The state is focusing on the Mumbai and Pune regions as key areas for GCC expansion.
A senior official said the Chief Minister met Brookfield’s Ankur Gupta regarding the upcoming Powai facility.
What GCCs do?
Global Capability Centres 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.
(with PTI inputs)
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