After the sale of the Worli land parcel for Rs 5,200 crore to Japan’s Sumitomo, the 144-year-old Bombay Dyeing wants to be a “significant player” in the listed real estate space by doing marquee projects.
Besides a 3.5 million square feet project in Dadar area of Mumbai, the company plans to do joint ventures and joint developments with land owners besides developing land parcels of group companies, Bombay Realty, the real estate arm of Bombay Dyeing. “
The company also has about 11 acres of land in popular hill stations such as Matheran and Mahabaleshwar, and the Industrial belt of Patalganga in Maharashtra where it is looking to build holiday homes and warehousing, he said
The company would venture outside Mumbai, and is happy to explore opportunities in other cities if the projects are profitable to us and land owners. The company would explore ventures such as data centres and warehousing depending on the land parcels, they get from land owners and group companies.
Bombay Dyeing generated a net revenue of about Rs 1,050 crore between April 2022 and June 2023, through sale of the flats in ICC leading to a reduction in the company’s borrowings by about Rs. 900 crore in the same period. Bombay Realty developed Springs, a 40-storey tower, in Dadar, and two luxury towers, 59-storey One ICC and 65-storey Two ICC in Island City Centre project in the same area.
