UAE-based utility giant National Center Cooling Company (Tabreed) said Tuesday it would invest $12.1 million (AED 44.34 million) in the Tata Realty-owned Intellion Park special economic zone (SEZ) development in Gurugram, India.
The deal allows Tabreed to acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet, the firm said in a statement, adding that it can also develop additional capacity to meet the development’s rising demand for cooling services.
Tabreed said the move is different from the standard market practice in India, where real estate developers own and operate cooling assets through facility management contracts, as it will be the one providing “cost-effective and efficient cooling solutions for tenants of Intellion Park.”
According to Tabreed chairman Khaled Abdulla Al Qubaisi, as the world’s most populous country and one of the fastest growing economies, India will be a key strategic market and important partner for the firm as it expands its international presence.
