Brookfield’s $1 Billion Bet on India’s GCC Future
Maharashtra is poised to become home to Asia’s largest Global Capability Centre (GCC) after global asset manager Brookfield Asset Management announced plans to invest more than $1 billion to develop a massive GCC facility in Mumbai’s Powai suburb. The move marks a major milestone in India’s economic growth story and reinforces the state’s appeal as a hub for multinational operations.
What Are GCCs and Why They Matter
Global Capability Centres are offshore operational units created by multinational corporations to handle key business functions such as finance, IT, research and development, and data analytics. They allow companies to leverage skilled talent at lower costs while centralizing core services. India has emerged as a leading destination for GCCs due to its vast talent pool, competitive operational costs, and supportive business environment.
Key Details of Brookfield’s GCC Project in Mumbai
The new GCC campus will be built across six acres in Powai, Mumbai, with a total leasable area of around 2 million sq ft making it the largest in Asia. Here’s what we know so far:
- Investment Scale: Over $1 billion (around ₹9,000 crore) for development and infrastructure.
- Location: Powai, a fast-growing commercial district in Mumbai with strong connectivity and infrastructure.
- Completion Target: The facility is expected to be completed by 2029.
- Job Creation: The project is projected to generate more than 30,000 jobs, spanning direct and indirect employment.
- Anchor Tenant: The GCC will be developed for a multinational bank under a long-term 20-year lease.
- Sustainability: The centre will run on 100 per cent green power, reinforcing Brookfield’s commitment to sustainable development.
The deal is part of a formal agreement between Brookfield and the Mumbai Metropolitan Region Development Authority (MMRDA), and it reflects strong confidence in Maharashtra’s business ecosystem.
What Leaders Are Saying
Maharashtra Chief Minister Devendra Fadnavis emphasized that this investment reflects the state’s favorable policy environment, superior infrastructure, and rich talent pool. He noted that the new GCC will further strengthen Mumbai’s position as a preferred destination for global operations and large-scale multinational investments.
Ankur Gupta, Deputy Chief Investment Officer and Head of Real Estate for Asia Pacific and Middle East at Brookfield, highlighted that the scale of the project validates Maharashtra’s leadership role in attracting high-value global business functions. According to him, the Powai development underscores Mumbai’s status as India’s financial capital and a strategic hub for multinational corporations.
Why This Investment Matters
- Economic Boost: A $1 billion project represents one of the most significant private investments in Maharashtra’s commercial infrastructure in recent years.
- Job Creation: With over 30,000 jobs expected, the project will have a positive impact on employment spanning tech, finance, real estate and support services.
- GCC Leadership: The facility will solidify Maharashtra’s reputation as a GCC leader, attracting other multinationals to explore similar opportunities.
- Sustainable Growth: The emphasis on green power and modern workplace standards underscores the state’s commitment to sustainable development.
This move aligns with Maharashtra’s broader GCC policy, aimed at attracting hundreds of such centres and creating hundreds of thousands of skilled jobs across the state by the end of the decade.
Future Developments and Expectations
As Brookfield moves forward with the project, several key developments are expected:
- Signing of the formal agreement between Brookfield and state authorities to kick-off construction.
- Infrastructure upgrades to support the influx of jobs and corporate functions.
- Further announcements of GCC projects by other multinational firms, building on this momentum.
- Increased commercial real estate activity in and around Powai and broader Mumbai.
The completion of this GCC centre by 2029 will not only enhance Mumbai’s service sector landscape but also set a benchmark for private investment in India’s knowledge economy.
Conclusion
Brookfield’s $1 billion plan to build Asia’s largest Global Capability Centre in Maharashtra is a landmark investment that promises economic growth, job creation and global business confidence. With its strategic location, skilled workforce and supportive policies, Mumbai continues to shine as a top destination for high-value international operations. This development marks a major step in India’s rise as a global hub for advanced corporate functions and capability centres.
