The Wadia Group, one of the oldest and most prominent business groups in India, is set to sell its prime location land in Worli, Mumbai, to the Japanese conglomerate Sumitomo for INR 5,000 crore. The deal is expected to be the most expensive land sale in the city's history.
According to reports, Sumitomo is likely to buy 18 acres of land from Bombay Dyeing, a subsidiary of the Wadia Group, on Pandurang Budhkar Marg in Worli. The land is currently occupied by the Wadia Group headquarters, called Wadia International Centre (WIC), and the Shilpa Shetty-owned Bastian restaurant. Both of them have been relocated to other locations.
The Wadia Group was founded by Parsi businessman Nusli Wadia in 1736. It has interests in sectors such as textiles, aviation, chemicals, food, and real estate. This week, Wadia Ghandy, a legal firm, requested information about the interest, right, and title of the Worli land owned by the Bombay Dyeing and Manufacturing Company Ltd. on behalf of an unnamed client in a public notice.
The WIC was intended to be developed as a luxury mix use project with residences, offices, a fine dining establishment, a shopping centre, and a contemporary hospital, according to its real estate subsidiary, Bombay Realty.
However, reports claim that the Wadia family has decided to vacate this building and relocate their headquarters to the Bombay Dyeing Spring Mill in Dadar's Naigaon at Wadala.
Sumitomo Corporation is one of the largest and most diversified business groups in Japan. It operates in various fields such as metal products, transportation systems, infrastructure, media, chemicals, energy, and real estate.
It has been present in India since 1960 and has invested in sectors such as automobiles, steel processing, power generation, and logistics. It has also partnered with Indian developers such as Krishna Group and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) for residential and industrial projects.
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