Bombay Dyeing to sell part of Mumbai land for Rs 5,000 crores to Japanese conglomerate

According to reports, Bombay Dyeing is in talks to sell a section of its land in Worli, Mumbai, for an estimated 5,000 crores. A well-known Japanese corporation is reportedly leading the race to acquire the land, which has a significant development potential of 2 million square feet for commercial reasons. Bombay Dyeing, a diversified business involved in textiles, polyester, and real estate, might solve its debt problems and further business goals thanks to the proposed sale of the site. The company recorded net debt of 3,456 crores as of the financial year ended March 2023 (FY23) on revenues of 2,674 crores.

It experienced a loss of 517 crores over that time. Notably, the Wadia group owns a sizable 700-acre land portfolio spread over numerous businesses and charitable organisations in and around Mumbai. According to the magazine, a top official from Bombay Dyeing stressed that no decision has yet been taken about the proposed land sale.

Source: Media reports