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

07 Sep 2023 CW Team

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.

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