Dubai – Mubasher: National Central Cooling Company (Tabreed) has completed a strategic partnership for the International Finance Corporation (IFC), a member of the World Bank Group, to hold a 25% stake in Tabreed India, a wholly-owned subsidiary of Tabreed.

Tabreed India is being transferred to a new holding company based in Singapore to be 75% owned by Tabreed and 25% by IFC, according to a bourse filing on Monday.

The holding company has initial equity commitments worth $100 million from the partners, aiming to invest in projects of up to $400 million over the next five years.

Meanwhile, the company will target a portfolio of around 100,000 refrigeration tonnes (RT) to offer services for industrial, commercial, and retail developments across India.

IFC's Managing Director, Makhtar Diop, said: "By working with Tabreed, we will bring sustainable, innovative, and much-needed cooling solutions to India and other parts of Asia."

Meanwhile, the CEO of Tabreed, Khalid Abdulla Al Marzooqi, commented: "For countries such as India, reliable cooling means industrial, agricultural and societal progress, and we eagerly look forward to making a meaningful contribution to its prosperity while ensuring the sustainability we know is vital to all our futures."