MODEC and Toyo JV raise the curtain on new strategic FPSO hub in India

Offshore Frontier Solutions, a MODEC Group company, and Toyo Engineering India have set up a global capability center (GCC) in India’s Bengaluru, as a joint venture company, named TOYO MODEC OFS India (OFS India), which is envisioned to serve as a strategic hub that will create high-value job opportunities for engineering, procurement, and floating production, storage, and offloading (FPSO) project support.

While disclosing the inauguration of TOYO MODEC OFS India in Bengaluru, MODEC explains that this center, which spans approximately 100,000 square feet, comes with plans to hire 750 employees over the next three years to fill the total planned headcount capacity of the GCC.

Hirohiko Miyata, President & CEO of MODEC, remarked: “By establishing a presence here, we are embracing an environment that encourages innovation, agility, and collaboration—qualities essential to meeting the increasingly complex and sophisticated needs of our FPSO projects. This will help us scale with speed, maintain execution quality, and deliver smarter, more efficient solutions to our global clients.”

Situated in Indiranagar, the joint venture is said to reflect the growing synergy between India and Japan in high-end engineering and offshore innovation. The inauguration ceremony was attended by Nakane Tsutomu, Consul General of Japan in Bengaluru, along with top leadership from Toyo and MODEC.

Tsutomu highlighted: “Japan and India’s long term economic ties have continued to flourish across sectors such as infrastructure, technology and manufacturing. The establishment of OFS has added a feather to the cap of Japan-Karnataka collaborations in the niche field of oil production and offshore industry. Bengaluru in particular, stands as a symbol of India’s technological prowess, digital expertise and global outlook. It is the most coveted location for GCCs in India, hosting some of the world’s best companies.

“A large number of Japanese GCCs are expanding their operation in Bengaluru, signaling a new era of cooperation between Japan and India. Bengaluru can also provide an abundance of engineers with expertise in oil production facilities. With this center, OFS India will create valuable employment opportunities, support the growth of local industries, and drive offshore energy projects.”

The work is being executed in two phases, with Phase 1, which has now been inaugurated, accommodating 450 professionals, of which 200 have already been hired. On the other hand, Phase 2 will add 300 additional seats, with the expansion expected to be completed by the end of September 2025.

Currently, the GCC’s focus is on supporting engineering functions; however, plans also exist to integrate procurement services in the future. The new center is perceived to mark a significant milestone in the duo’s global growth strategy, enhancing their ability to deliver innovation, operational excellence, and scalable services across international markets.

Eiji Hosoi, President & CEO of Toyo Japan, commented: “Our journey to this day has been marked by a shared vision of innovation, excellence, and a commitment to creating value for our customers and stakeholders. This joint venture is a reflection of our collective belief in the power of collaboration and the limitless possibilities that arise when we combine our strengths and expertise.”

MODEC reported a revenue of more than $4 billion and a net income of around $220 million as of the end of 2024, demonstrating strong financial health and stability. The firm’s decarbonization plan, which outlines its path to net zero by 2050, revolves around power generation issues, seen as the source of greenhouse gas (GHG) emissions, accounting for 65% of its carbon footprint.