Meet the man who sold India's most expensive piece of land for Rs 5200 crore, make profit worth...
 

India economic capital Mumbai recently saw the closure of one of the biggest real estate deals in the country's history. Nusli Wadia, belongig to the legendary Wadia business clan, recently sold a land parcel beloning to his group company Bombay Dyeing. The whopping deal is reported  to be worth around Rs 5,200 crore. 

The deal is seen as Wadia Group's bid to revive fortunes of its premium brand which has lost ground in recent times to  competitors like Trident, Welspun and Indo Count in the home textile market. Wadia has offloaded Bombay Dyeing's land in Worli in a bid to clear debt and  mark positive net worth for the company, Forbes reported. 


The Wadia Group currently had just one entity performing at par with expecatations- FMCG gaint Britannia. Other companies from where Wadia draws wealth are Bombay Burmah, GoAir and National Peroxide. Go Air , started by Nusli's son Ness, recently halted operatiions amid a finanacial crises. 

Analysts feel it marks a significant turn in the fortunes of the textile gaint, probably transitioning into a real  company. The company is expecting to offload real estate worth Rs 15,000 crore in the coming years, as a statement. 


The deal worth Rs 5,200 crore transfers 22 acres of Bambay Dyeing's land to Goose Realty Pvt Ltd with Rs 4,675 coming instanly and another Rs 525 later based on meeting certain criteria. The deal allows Bambay Dyeing to record a one-time pre-tax profit of Rs 4,300 crore and enable it to strenghthen its balance sheet for the future . As per Forbes, 79-year old Nusli Wadia currently commands a net worth of $4.1billion.