Wadia group firm Bombay Dyeing is reportedly in discussions with Japanese conglomerate Sumitomo to sell 18 acre of its mill land in Worli, Mumbai, for approximately Rs 5,000 crore, media reported. Neither party has confirmed the news.
If finalised, the deal could turn out to be the biggest land deal in Mumbai in terms of value. Located onalong Worli’s Pandurang Budhkar Marg, this land has a development potential of 2 million square foot (msf), according to media sources.
According to the reports, a public notice by the law firm Wadia Ghandy on behalf of an unnamed client was looking to investigate the right, title and interest of the Bombay Dyeing and Manufacturing Co limited, a diversified company engaged in real estates, textiles and polyester, that measured to more than 1 lakh sqm at Worli.
The Bombay Dyeing mill land is home to Wadia International Centre (WIC), the headquarters of Wadia Group. The building is being vacated and the chairman’s office has been shifted to the Bombay Dyeing property at Dadar-Naigaum. Located behind the Wadia headquarters, Bastain restaurant owned by Shilpa Shetty has shut down too.
The proposed sale of the land would enable Bombay Dyeing to address its existing debt and support corporate objectives. As of the financial year ending March 2023 (FY23), the company reported a net debt of Rs 3,456 crore on revenues of Rs 2,674 crore. During the same period, it incurred a loss of Rs 517 crore.
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