Bombay Dyeing to sell Worli Mill land to Sumitomo for Rs 50 bn
Real Estate

Bombay Dyeing to sell Worli Mill land to Sumitomo for Rs 50 bn

The city's largest land deal in terms of value might potentially unfold. Although there is no official confirmation, it is believed that the 18 acres of land from Bombay Dyeing's mill on Pandurang Budhkar Marg in Worli is anticipated to be acquired by the Japanese conglomerate Sumitomo for an approximate sum of Rs 50 billion.

Earlier in the week, a public notice was issued through the law firm Wadia Ghandy on behalf of an undisclosed client, expressing the intent to investigate the rights, title, and interests associated with Bombay Dyeing and Manufacturing Co's land, which spans over one lakh sq m in Worli.

In the sprawling Bombay Dyeing mill located in Worli, on a warm Wednesday afternoon, there were tempos lined up outside the Wadia International Centre (WIC), which serves as the headquarters of the Wadia Group. The building is currently being vacated, and the chairman's office has been relocated to the Bombay Dyeing property in Dadar-Naigaum.

Adjacent to the Wadia headquarters, the Bastian restaurant, owned by Shilpa Shetty, has also closed its doors. So, what's transpiring on this prime real estate within central Mumbai, controlled by Nusli Wadia, one of the most prominent private landowners in the city?

According to sources, the 18-acre property is purportedly being sold to the Japanese conglomerate Sumitomo, marking Mumbai's most substantial land deal in terms of value. Some years ago, Brookfield Asset Management acquired the Hiranandani Group's offices and retail space in Powai for Rs 67 billion. However, it's important to note that the Brookfield deal pertained to entire buildings, whereas the Wadia deal involves vacant land.

Also read: 
UP RERA aims to revive 10,000 stalled housing units
Boundary Holdings Executives Invest Rs 76 Crores in Delhi Land


The city's largest land deal in terms of value might potentially unfold. Although there is no official confirmation, it is believed that the 18 acres of land from Bombay Dyeing's mill on Pandurang Budhkar Marg in Worli is anticipated to be acquired by the Japanese conglomerate Sumitomo for an approximate sum of Rs 50 billion. Earlier in the week, a public notice was issued through the law firm Wadia Ghandy on behalf of an undisclosed client, expressing the intent to investigate the rights, title, and interests associated with Bombay Dyeing and Manufacturing Co's land, which spans over one lakh sq m in Worli. In the sprawling Bombay Dyeing mill located in Worli, on a warm Wednesday afternoon, there were tempos lined up outside the Wadia International Centre (WIC), which serves as the headquarters of the Wadia Group. The building is currently being vacated, and the chairman's office has been relocated to the Bombay Dyeing property in Dadar-Naigaum. Adjacent to the Wadia headquarters, the Bastian restaurant, owned by Shilpa Shetty, has also closed its doors. So, what's transpiring on this prime real estate within central Mumbai, controlled by Nusli Wadia, one of the most prominent private landowners in the city? According to sources, the 18-acre property is purportedly being sold to the Japanese conglomerate Sumitomo, marking Mumbai's most substantial land deal in terms of value. Some years ago, Brookfield Asset Management acquired the Hiranandani Group's offices and retail space in Powai for Rs 67 billion. However, it's important to note that the Brookfield deal pertained to entire buildings, whereas the Wadia deal involves vacant land. Also read:  UP RERA aims to revive 10,000 stalled housing unitsBoundary Holdings Executives Invest Rs 76 Crores in Delhi Land

Next Story
Equipment

TIL Limited Returns to bauma CONEXPO After 8 Years

TIL Limited, a cornerstone in India’s material handling and infrastructure equipment manufacturing sector, made a triumphant return to Bauma ConExpo India 2024 under the Gainwell Group banner, marking a significant milestone in its transformation journey. The company's participation at Asia's premier construction equipment exhibition, held from December 11-14, 2024, at India Expo Centre, Greater Noida, showcased its revitalised market presence and successful integration of global partnerships with local manufacturing excellence. At its expansive 800-square-meter display area (Stall No. OG-5..

Next Story
Building Material

NMC Begins Rs 73.7 Million Road Concreting Project

Nashik Municipal Corporation (NMC) has initiated plans to concrete a 1-kilometer stretch of road connecting Rajiv Gandhi Bhavan, NMC's headquarters, and the Golf Club ground signal near Veer Savarkar swimming pool. The project, estimated at Rs 73.7 million, aims to address the deteriorated road conditions caused by the monsoon. The stretch, which includes the mayor's residence, Ramayan, has been plagued by potholes, prompting residents to demand urgent action. The road's condition worsened after the Nashik Municipal Smart City Development Corporation Ltd (NMSCDCL) installed water pipelines las..

Next Story
Infrastructure Transport

Pune Ring Road: Collector Sets December Deadline for Final Acquisition

Pune District Collector Suhas Diwase has directed officials to complete the final phase of land acquisition for the Pune Ring Road by the end of December, enabling construction to begin in January 2025. The process involves acquiring 207 hectares across eastern and western phases of the project, with land acquisition spanning three villages in each phase. For the eastern phase, 143 hectares need to be acquired, while 64 hectares are required for the western phase. Land acquisition officer reports confirm that compensation for the land has already been announced, facilitating timely completion...

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000