The Wadia group headed by Nusli Wadia, is reportedly selling an 18-acre-plot in central Bombay’s Worli to Japan’s Sumitomo conglomerate for Rs 5,200 crore (USD 625 million approximately), according to news reports. The deal is likely to be "one of the biggest land sale transactions” in the history of the city [Business Standard (BS), September 13, 2023]. The news report stated that Goisu, a subsidiary of Sumitomo, will pay for the acquisition in two phases: Rs 4,675 crore initially and Rs 525 crore on completion of certain conditions, quoting an announcement made by Bombay Dyeing and Manufacturing Company Limited (BD).
Nusli Wadia
The Times of India (ToI) on September 7 reported that on behalf of an unnamed client, the law firm of Wadia Gandhy has issued a public notice wanting to investigate the right, title and interest of the BD land measuring "over one lakh sq m at Worli” in central Bombay.
The sale was approved at a board meeting of BD on September 13 and will need shareholders’ approval. The company reported a net debt of Rs 3,456 crore for the year ended March 2023 (FY 23) on revenues of Rs 2,674 crore. It made a loss of Rs 517 crore in the same period, according to BS.
The land parcel houses the Wadia International Center, the Group’s headquarters. "The building is being vacated and the chairman’s office has shifted to the BD property at Dadar Naigaum Spring Mills,” stated ToI.
With over 850 group companies, Sumitomo Corporation is also into the development and operations of office buildings, residences and retail outlets.