This is being done to consolidate Morgan Stanley''s Mumbai Global In-house Centre (GIC) operations to a single campus in the city, the company said in a regulatory filing.
The new campus will be located at Oberoi Realty''s Commerz III building in Goregaon and will be ready in 2023, it said.
Supporting Morgan Stanley''s global institutional securities, wealth management and investment management businesses, the firm established the Mumbai GIC in 2003 and the Bengaluru GIC in 2014, the company said.
Morgan Stanley, Global Head of Technology, Operations and Fusion Resilience, Robert Rooney, said: “We believe that bringing together our Mumbai GIC operations into one centralized campus will serve as a catalyst to creating further agility and synergy across all the GIC functions. The investment is a testament to the firm''s commitment to India and our staff.”
Morgan Stanley India GICs house functions across technology, operations, funds and finance, as well as specialised groups such as legal and compliance, corporate services, human resources operations and internal audit amongst others.
At present, GIC operations in Mumbai are delivered out of three locations.
“Attracting and retaining world-class talent continues to be a top priority for us. The new facility in Mumbai will provide us with the right infrastructure and resources to deliver an innovative workplace environment and promote increased productivity and engagement through efficient ways of working,” Morgan Stanley Vice Chairman Thomas Nides said.
Oberoi Realty CMD Vikas Oberoi said this is one of the largest office space transactions ever and proves the company’s ability to grow the commercial vertical in the coming years.
He further said that major consolidation across all segments in the industry is expected and well-capitalised players like Oberoi with a proven track record will continue to thrive in the toughest of circumstances. PTI PSK ANS ANS
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI