 "tata, tata group")
Tata Realty on Monday said it has partnered with Tabreed to install cooling infrastructure at its commercial complex in Gurugram, Haryana.
Tabreed, a leading global cooling utility player, has signed an agreement with Tata Realty to implement its first Cooling as a Service (CaaS) project in India. This will be implemented in Tata Realty's Intellion Park project, a 3.5-million square feet IT SEZ development in Gurugram.
According to a statement, Tabreed will acquire Intellion Park's existing cooling infrastructure and undertake greenfield expansion to increase cooling capacity.
Tabreed will invest up to Rs 100 crore in its first project to provide cooling services for a 30-year concession period, a company statement said.
"Moving away from the regular market practice wherein real estate developers own and operate their cooling assets through facility management arrangements,...Tabreed will provide long-term, SLA-based cooling services to Intellion Park with well-defined parameters to improve energy efficiency, asset longevity, system reliability and reduce life cycle costs of cooling for tenants," it added.
Both the partners expect that the transaction will result in Tabreed serving as a provider of cooling services for Tata Realty, offering District Cooling or CaaS concessions across its commercial properties.
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Sanjay Dutt, MD & CEO of Tata Realty, said, "Tata Realty has been at the forefront of promoting sustainable real estate development in India. With numerous achievements, including the country's first net-zero certified commercial real estate campus, the company has set a high bar for the rest of the industry."
He said the company's endeavour is to enable the delivery of superior value to occupants, while promoting higher standards of ESG and wellness in commercial and mixed-use real estate developments."
Tata Realty and Infrastructure Ltd has developed 6.8 million square feet of commercial projects and has 16.7 million sq ft of projects under development and planning.
National Central Cooling Company PJSC (Tabreed) provides essential and sustainable district cooling services to iconic developments including Burj Khalifa. It owns and operates 86 plants in its portfolio across the GCC.
Tabreed was founded in 1998 and publicly listed on the Dubai Financial Market.
Tabreed Asia is a joint venture owned by Tabreed UAE (75 per cent) and IFC (25 per cent) with headquarters in Singapore. Tabreed Asia, through wholly owned subsidiaries in India, invests, builds, owns and operates cooling assets through long-term partnerships with leading real estate developers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
