The National News Business
The National Central Cooling Company, better known as Tabreed, is bullish about growth in India and is looking at acquisitions and greenfield projects to expand in Asia’s third largest economy.
Last year, Tabreed formed a new holding company with the World Bank’s International Finance Corporation (IFC) to invest up to $400 million in the next five years to expand in India.
As part of the agreement, Tabreed India, currently a wholly owned unit of Tabreed, will be transferred to a new holding company established in Singapore, in which Tabreed will hold a 75 per cent stake and IFC 25 per cent.
The partners are targeting a portfolio of more than 100,000 refrigeration tonnes of cooling capacity by 2026 as they aim to serve industrial, commercial and retail developments in the country.
India, the world's second most populous country, is “a huge market that potential is beyond what we expected in initial stages”, Khalid Al Marzooqi, chief executive of Tabreed, told The National in an interview.