Sumitomo buys 2-acre Bombay Dyeing land in Mumbai for Rs 4.4 billion

13 Sep 2024 CW Team

Japan's Sumitomo Corporation Group has acquired a prime 2-acre land parcel in Mumbai's Worli area from Bombay Dyeing & Manufacturing Company for Rs 4.4 billion. Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, completed the purchase along with the associated floor space index (FSI) from Bombay Realty, the real estate arm of Bombay Dyeing.

This deal is part of a larger agreement signed last year, where Sumitomo agreed to acquire a total of 22 acres in Worli for Rs 52 billion. The entire transaction is being executed in two phases, with the first phase valued at Rs 46.75 billion and the remaining Rs 5.25 billion to be finalised upon fulfilling certain conditions by Bombay Dyeing.

Sumitomo has paid Rs 264.5 million in stamp duty for registering the deal, which was finalized on August 13, 2024. According to Rahul Anand, CEO, Bombay Realty, this transaction marks the conclusion of the land sale commitment, following the earlier development and sale of a 3.35 lakh sq. ft. commercial building.

Sumitomo has been expanding its presence in India’s real estate market, driven by rising demand for premium office and residential spaces. Last year, the company also secured a nearly 3-acre land parcel in Mumbai’s Bandra-Kurla Complex through an 80-year lease with the Mumbai Metropolitan Region Development Authority for Rs 20.67 billion.(ET)

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..