Tata Projects has entered into a strategic partnership with Australian construction company, Brookfield Multiplex, to deliver a range of commercial and retail, healthcare and tourism and leisure projects in India.
“The memorandum of understanding (MoU) promises ‘on-time delivery’ of projects and will offer state-of-the-art construction technology and world-class design capability,” Vinayak Deshpande, Managing Director, Tata Projects, told at a press conference.
“ We are currently working on three projects with a combined value of $260 million (around Rs.1,600 crore). ”— VINAYAK DESHPANDE, Managing Director, Tata Projects
“The social infrastructure market in India will grow rapidly, and there is room to bring in world-class technology and world-class construction which Brookfield Multiplex will deliver,” he said.
The MoU is project-specific with no equity participation by either partner. Both companies will enter partnerships in an integrated joint venture manner and the stake will vary project-wise.
“We are committed to introducing world-class sustainable working practices to the Indian building construction market,” Glenn Raphael, Managing Director-India, Brookfield Multiplex, said.
While the partnership was announced on Thursday, it has already been in existence for around six months.
“We are currently delivering three projects with a combined value of $260 million (around Rs.1,600 crore),” Mr. Deshpande said.
These include Phase-II of the 3 lakh sq. ft. Tata Medical Centre in Kolkata, the Rs.800-crore Mantri Serenity residential towers in Bengaluru, and the 5 million sq. ft. Candor Office Parks project in the National Capital Region (NCR) for five commercial offices in the special economic zone (SEZ).
Tata Projects operates through its strategic business units — Urban Infrastructure, Industrial Infrastructure and Quality services — and offers turnkey end-to-end solutions. Brookfield Multiplex is a leading international contractor focused on sustainable growth with a presence in Australia, the Middle East, Asia, Europe and Canada.
The partners will initially focus on the social infrastructure projects in major Indian metros. “We will not go after all projects together but will bid together selectively,” Mr. Deshpande said.
