Brookfield to Invest $1Bn to Build GCC Facility in Maharashtra: Fadnavis

Chief Minister Devendra Fadnavis on Friday said asset manager Brookfield Properties is set to invest over USD 1 billion to create a global capability centre (GCC) facility in the state.

Fadnavis said he held discussions with key Brookfield executives, and they've zeroed in on creating a 2 million sq ft GCC facility, which will be the largest in Asia, and perhaps the world as well.

The facility will create over 15,000 direct jobs and support another 30,000 jobs indirectly, Fadnavis said.

"It (investment) will be more than USD 1 billion. One single project will create 45,000 jobs," Fadnavis told reporters on the sidelines of an event here.

A formal agreement between the government and the asset manager will be filed in due course, he added.

In May this year, Brookfield Asset Management aims to more than triple its assets under management in India to USD 100 billion over the next five years.

Overall, the firm's AUM in India, where it has been present for 15 years, is around USD 30 billion across infrastructure, real estate, renewable power, and private equity businesses.

Fadnavis said the state, which introduced a dedicated GCC policy earlier this year with the aim of creating 4 lakh new jobs, is focusing on the Mumbai and Pune regions to expand such centres.

A senior official said that CM met Ankur Gupta from Brookfield, and the facility will come up in suburban Powai.

GCCs are offshore units of multinationals created to support global operations across functions. Entities like Brookfield create real estate spaces that are rented to companies.