2023-05-30 22:00:35
The National Central Cooling Company “Tabreed” announced the completion of the first district cooling deal in India through a strategic alliance with “Tata Real Estate and Infrastructure Company Limited”, with an investment amounting to 44.34 million dirhams (100 billion Indian rupees), to develop the “Intelion Park” area. The business of the «Tata Properties» company in Gurugram, northern India.
Through this investment, Tabreed will acquire the existing cooling infrastructure in the Intelliion Park project, which covers a total area of 3.5 million square feet, and will develop additional capacity to meet the growing demand for cooling services in the project.
Khalid Abdullah Al Qubaisi, Chairman of the Board of Directors of Tabreed, said: “India represents a major strategic market and an important partner for us in Tabreed, as it is one of the most densely populated countries and one of the fastest growing economies in the world. We expect to see widespread adoption of district cooling services in India due to the exponential growth in demand for real estate and cooling services.”
He added, “We are pleased to announce our partnership with (Tata Properties) to develop pioneering and innovative district cooling services in India, supporting sustainable urban development. There is no doubt that this agreement will contribute to achieving added value for our partners, and will benefit societies and the environment by reducing carbon emissions.”
The agreement includes granting Tabreed the right to provide cooling services for future expansions of the project.
The company said that the assets, which will be purchased and developed, will support its growth plans in India, and it does not expect the project to negatively affect Tabreed’s current operations and the rights of its shareholders.
It is noteworthy that foreign business constitutes regarding 15% of Tabreed’s total business currently, but the company intends to expand strongly in the Saudi and Egyptian markets.
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