Global Capability Centre (GCC) in Mumbai
JP Morgan, a major American banking firm, is set to occupy a substantial 2 million square feet space at the upcoming Global Capability Centre (GCC) in Mumbai's Powai. This centre, expected to be the largest of its kind in Asia upon its completion in 2029, will accommodate 30,000 employees.
About Global Capability Centre (GCC)
Global Capability Centre (GCC) is a wholly-owned unit of a multinational corporation (MNC) set up in a strategic offshore location (like India) to centralize and provide specialized functions—IT, R&D, Finance, Customer Service—evolving from cost-saving to driving innovation, utilizing local talent, and offering agility.
Key Functions & Evolution
Beyond Back-Office: Evolved from basic BPO to become strategic hubs for digital transformation, data analytics, AI, cybersecurity, and innovation.
Centralized Expertise: Consolidates functions like IT, R&D, HR, Finance, Engineering, and Customer Support.
Centers of Excellence (CoEs): Many act as CoEs, focusing on continuous improvement and innovation in specific business areas.
Comparison with Other GCCs
- Microsoft's Hyderabad GCC spans 2.5 million square feet with 18,000 employees.
- Amazon's Hyderabad campus covers 9.7 acres with 15,000 employees.
- Goldman Sachs in Bengaluru has 1.2 million square feet, accommodating 7,300 seats.
- Walmart Global Tech Chennai occupies 465,447 square feet with 4,500 employees.
India's Position in Global Hubs
India leads globally with a significant employment base and real estate space dedicated to GCCs, outpacing countries like Poland, the Philippines, and Mexico. Despite macroeconomic challenges, India remains a preferred destination for multinationals.
Office Space Absorption
- GCCs account for 42% of the pan-Indian office space absorption as of September 2025, with an expected record absorption of 75 million square feet for the full year.
- Bengaluru, Hyderabad, Pune, and the National Capital Region (NCR) lead in activity, with significant supply additions and absorption rates.
- GCCs represent nearly 40% of occupied Grade A stocks in India's top six cities, highlighting rapid growth in the office leasing sector.
