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Dubai-listed National Central Cooling Company, also known as Tabreed, on Monday said it has been named as a preferred bidder for the grant of a district cooling concession in India worth up to 36.2 million dirham ($9.8 million).
The long-term concession relates to the Hyderabad Pharma City master plan (Telangana, India) by Telangana State Industrial Infrastructure Corporation (TSIIC) Limited, Tabreed said in a regulatory disclosure on the Dubai Financial Market.
Phase 1 of the project will be for the construction of district cooling facilities of 2,500 refrigeration tonnes (RT), with an approximate project cost of AED 36.2 million with future expansion in phases in accordance with increase in cooling demand for up to total concession loads of 125,000 (RT).
The project will be 75% locally financed and 25% equity funded, which will be paid in line with construction milestones.
Tabreed, which is majority-owned by Abu Dhabi's state-owned fund Mubadala, said assets to be developed will support
its growth plans in India.
However, the transaction will not materially impact Tabreed’s existing operations or the rights of its shareholders, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
