Dubai – Mubasher: National Central Cooling Company (Tabreed) has entered its first district cooling transaction in India through a strategic alliance with TATA Realty and Infrastructure Limited (TRIL), according to a press release.
The joint project includes an investment of INR100 Cr, equivalent to AED 44.34 million, in TATA Realty’s Intellion Park special economic zone (SEZ) development in Gurugram.
The DFM-listed firm will acquire the existing cooling infrastructure at the Intellion Park development, which spans 3.50 million square feet. This is in addition to boosting its capacity in order to meet the increasing demand for cooling services.
Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “We expect to see large-scale adoption of district cooling in India as demand for real estate and cooling grows at a rapid pace.”
“Tabreed is delighted to partner with Tata Realty to develop leading, innovative District Cooling services, which will support sustainable urban development across India,” Al Qubaisi highlighted.
He elaborated: “This will unlock value for our stakeholders, while benefitting communities and reducing carbon emissions.”
Sanjay Dutt, Managing Director and CEO of Tata Realty, commented: “In continuation of this trend, Tata Realty’s engagement with Tabreed to launch the Cooling as a Service (CaaS) market in India is expected to be a pivotal event, enabling the delivery of superior value to occupants, while promoting higher standards of ESG and wellness in commercial and mixed-use real estate developments.”
In the first quarter (Q1) of 2023, the UAE company logged consolidated net profits worth AED 236.40 million, an annual hike from AED 88 million.
Last March, Tabreed obtained the approval of its shareholders to pay a dividend of 13.50 fils per share for 2022.
