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Global alternative asset manager Brookfield is set to invest up to $1 billion in developing Asia’s largest Global Capability Centre (GCC) in Mumbai’s Powai suburb. The massive project will span a leasable area of 2 million square feet and is expected to create over 30,000 jobs.

According to the announcement, a large multinational bank will occupy the building, which is slated for completion in 2029. Brookfield has partnered with BS Sharma to develop the six-acre land parcel, under an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA).

The project underscores Maharashtra’s position as a premier destination for GCCs, with the state government formulating a new GCC policy to attract more firms. “The scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational corporates,” said Ankur Gupta, Brookfield’s Deputy Chief Investment Officer and Head of Asia-Pacific and Middle East, Real Estate.

Maharashtra Chief Minister Devendra Fadnavis hailed the project as a testament to the state’s growing appeal.

“Great news ! Asia’s Largest GCC facility in Maharashtra ; $1 billion investment by Brookfield ! Thrilled to share that Brookfield is building a 2 million sq. ft., Global Capacity Centre (GCC) facility in Powai which is Asia’s Largest GCC. This investment of USD 1 billion will generate more than 45,000 employment opportunities. It was very good to meet the Ankur Gupta (Deputy Chief Investment Officer and Head of Asia Pacific and Middle East-Real Estate, Brookfield) in Mumbai today. The project will house a GCC for a marquee multinational bank, spanning a 20-year term, making it Asia’s largest GCC project. This marks an important step forward in state government’s mission to make Maharashtra the GCC capital of India,” Fadnavis said in a post on X.

The GCC sector has witnessed significant growth in India, driven by the country’s deep talent pool and robust economic fundamentals. With over 1.9 million professionals skilled in AI, engineering and product spaces, India is emerging as a global hub for capability centers. Multinational companies, including Samsung, Microsoft and JP Morgan Chase, have already invested heavily in GCCs in India.

Brookfield, which owns over $4 billion worth of real estate projects in Mumbai, has signed a pact with MMRDA to bring around $12 billion worth of investments into the Mumbai metropolitan region. The company has also acquired a 2.1-acre land parcel in the city’s Bandra Kurla Complex to develop a mixed-use property. This investment is part of Brookfield’s strategy to create high-quality, sustainable workplaces with best-in-class specifications