 "HK-based Executive Centre to invest Rs 125 cr to grow India business")
Hong Kong-based The Executive Centre, which provides flexible office space to corporates, will invest Rs 125 crore to expand its India business by opening 8 new centres.
The Executive Centre (TEC) posted a 31 per cent growth in India revenue to Rs 475 crore during the 2023 calendar year driven mainly by expansion amid rising demand for flexible workspace.
TEC has more than 220 centres in 36 cities and 16 countries. In India, the company has a portfolio of 1.3 million square feet of workspace comprising around 12,500 desks across 50 centres.
Paul Salnikow, Founder and CEO, The Executive Centre said, "India continues to be one of the biggest and fastest-growing markets for The Executive Centre. The demand for flexible workspaces in the country has been on the rise with the changing preferences and requirements of the modern workforce."
Various traditional and new-age sectors including IT/ITES, BFSI, and startups in addition to the influx of GCC (Global Capability Centre) have contributed to this growth.
"We are doubling down on our sustainable growth strategy and investing Rs 125 crore to open our best centres yet, across the country," Salnikow said.
Elaborating more, Rajat Kapur, Managing Director- North India, UAE and Kingdom of Saudi Arabia, said the company is set to open eight more centres across Chennai, Hyderabad, Mumbai, Bengaluru, Gurugram and New Delhi.
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In the South, the TEC is investing over Rs 47 crore across 112,000 sq ft in centres including RMZ One Paramount in Chennai; RMZ Nexity in Hyderabad; and Raheja Cignus in Bengaluru.
In Mumbai, TEC is investing around Rs 33 crore across 59,000 sq ft at First International Financial Center and One BKC. In North India, TEC is investing over Rs 42 crore across 96,000 sq ft at DLF Cyber City in Gurugram, and Aerocity in New Delhi.
Kapur said the demand for office space in India remains robust, especially from corporates looking to set up GCCs.
Globally, the TEC clocked a record-breaking revenue of $315 million (Rs 2,603 crore) representing an 11.2 per cent annual growth. TEC India contributed 26 per cent to the global adjusted EBITDA.