Bombay Dyeing Mill Land to be Sold To Japan’s Sumitomo for Rs 5,000 Crore
Japanese conglomerate Sumitomo is expected to acquire 18 acres of Bombay Dyeing’s mill land on Pandurang Budhkar Marg Worli for roughly Rs 5,000 crore,
In what could turn out to be Mumbai’s largest land deal in terms of value, Japanese conglomerate Sumitomo is expected to acquire 18 acres of Bombay Dyeing’s mill land on Pandurang Budhkar Marg in Worli for approximately Rs 5,000 crore,
Law firm Wadia Ghandy had issued a public notice earlier this week on behalf of its unnamed client, wanting to get details about the Bombay Dyeing and Manufacturing Co Ltd land measuring over 100,000 square metre (sqmt) at Worli.
The Wadia International Centre (WIC), the Wadia Group headquarters is being vacated and the chairman’s office has shifted to the Bombay Dyeing property at Dadar-Naigaum.
Bombay Realty, the real estate company of the Wadia Group once touted Wadia International Centre (WIC) as “the second flagship project”. It was meant to be a “luxury mixed use” development of residences, offices, a luxury hotel, mall, high street and a state-of-the-art hospital. However, the Wadias decided to hive off this property and shift its offices to the Bombay Dyeing Spring Mills in Dadar-Naigaum, said market sources.
Meanwhile, Japanese conglomerate Sumitomo, which is believed to be concluding a deal with the Wadias for the Worli land, is not new in the city’s real estate market. In 2019, Goisu Realty, a unit of Sumitomo, leased a 12,141-square metres land parcel in Bandra-Kurla Complex from MMRDA for Rs 2,238 crore. The Japanese corporation bagged a tender floated by the MMRDA for two land parcels in BKC for Rs 2,067 crore last year.
Sumitomo Corporation, with 886 group companies, is also into the development and operations of office buildings, retail facilities, and residences as well as logistic facilities and real estate funds.
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