RMZ Corporation, a family-owned alternative asset company, has leased over 300,000 sq ft of office space to Chevron Global Technology & Services in Bengaluru. This space will house the global captive centre (GCC) for the Chevron Engineering and Innovation Excellence Center (ENGINE), marking the first such facility outside the US.
The GCC will be situated in RMZ Ecoworld 30-series, which has the capacity to expand by an additional 300,000 sq ft by 2025-2026. The lease tenure spans approximately 10 years. The first phase of the facility, expected to be operational by the end of this year, will accommodate over 2,000 employees. RMZ Ecoworld 30-series is part of a 3.5 million sq. ft. tech park located in Bangalore's tech hub.
“India is becoming the new epicenter for GCC expansion, with demand for sophisticated, tech-powered workspaces ranging from 50,000 to 100,000 sq ft projected to soar to 30-35 million sq ft by 2025. This increase is driven by both established companies looking for multifunctional hubs and emerging players requiring cutting-edge infrastructure,” stated Thirumal Govindraj, CEO of RMZ Office and RMZ NXT.
In August 2024, Chevron, a global leader in energy solutions, announced plans to establish the Chevron Engineering and Innovation Excellence Center (ENGINE) in Bengaluru. The $1 billion investment represents a significant commitment to India and will play a vital role in Chevron’s global operations and projects. The centre aims to foster a collaborative and inclusive work environment, allowing the local workforce to integrate into Chevron's global network to meet worldwide energy demands.
“Chevron ENGINE will empower local talent in India to enhance global operations and projects by utilizing our international resources and expertise. ENGINE will provide meaningful opportunities to address today’s energy challenges and develop the energy systems of tomorrow,” said Akshay Sahni, Country Head of Chevron India.
Since 2023, Chevron Brands International LLC has partnered with Hindustan Petroleum Corporation Limited (HPCL) to manufacture, distribute, and market lubricants in India. Additionally, Chevron Oronite Company LLC holds a 50% interest in Indian Additives Limited (IAL), which manufactures and markets lubricating oil additives.
In 2024, RMZ Corporation has leased over 5 million sq ft of office space across its flagship properties in Bangalore, Hyderabad, and Chennai. Notable Global Capability Centers, including UPS Technologies, Haleon, Planview, Booking Holdings, DOW Chemical, Nielsen IQ, and HSBC Software, have also established their presence in these locations, further enhancing India’s reputation as a hub for global business expansion.
RMZ Corporation currently has 21 million sq ft of office projects underway and plans to add another 30 million sq ft in the next two to three years, aiming for a total office portfolio of 50 million sq ft across six cities by 2029.
With office rentals approximately 50% lower than in other Asian markets, India has become a cost-effective hub for global operations, attracting $14 billion in investments. As of 2024, India is home to around 2,100 GCCs, representing a 31% increase from 2023.
