UAE’s Tabreed inks deal to invest $400m in Indian district cooling plan – ArabianBusiness

UAE’s Tabreed inks deal to invest $400m in Indian district cooling plan – ArabianBusiness

The National Central Cooling Company (Tabreed) has entered into a partnership with the International Finance Corporation (IFC), a member of the World Bank Group, to invest about $400 million in India over the next five years.

Under the partnership agreement, Tabreed India, currently a wholly owned subsidiary of Tabreed, will be transferred to a new holding company established in Singapore, in which Tabreed will hold a 75 percent stake and IFC will have 25 percent.

According to a filing by Tabreed on the Dubai Financial Market where its shares trade, the holding company will be set up with initial equity commitments from the partners of $100 million with a mandate to invest in projects of up to about $400 million over the next five years.