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.
If finalised, the deal could turn out to be the biggest land deal in Mumbai in terms of value. Located along Worli’s Pandurang Budhkar Marg, this land has a development potential of 2 million square foot (msf), according to sources.
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.
