Tabreed-IFC to invest $400 m in India’s cooling space

The partnership will target a portfolio of about one lakh refrigeration tonnes, servicing industrial, commercial, and retail developments across India.

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After the partnership, the ownership of Tabreed India will be transferred to Tabreed Asia, which will be 75% owned by Tabreed and 25% owned by IFC. (Representational image)


UAE-based district cooling company Tabreed said on Monday that it has formed a strategic partnership with the International Finance Corporation (IFC) to invest up to $400 million in India over the next five years. The partnership will target a portfolio of about one lakh refrigeration tonnes, servicing industrial, commercial, and retail developments across India.

After the partnership, the ownership of Tabreed India will be transferred to Tabreed Asia, which will be 75% owned by Tabreed and 25% owned by IFC. “We are committed to providing efficient cooling to cities and have been actively supporting the initiatives undertaken by the government,” said Sudheer Perla, Tabreed’s India country manager.

“In parallel, we have engaged with several top tier real estate developers to evaluate project opportunities focusing on specific micro-markets in six key cities in the country,” Perla added.

According to the India Cooling Action Plan charted by the Union ministry of environment, forest and climate change, the total centralised air-conditioning space for large buildings in the country is expected to grow by seven times from the current levels to 38 million tonnage of refrigeration by FY38.

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