Piramal pips Ambani to buy HUL's Worli property for Rs 452 cr

Mumbai: FMCG major Hindustan Unilever (HUL) will sell its sea-facing property located at suburban Worli to Piramal Realty for Rs 452.5 crore.

The property will give way to a high-end luxury residential complex overlooking the Arabian Sea, which the buyer plans to build there.

"HUL and entities of Piramal Realty (Ajay Piramal Group) have signed an agreement for assignment of the former's leasehold rights of the land and building named 'Gulita' situated at Worli sea face for a transaction value of Rs 452.5 crore. The consideration includes both fixed and variable components," the company said in a statement.

Gulita, which was constructed in 1986, was put on sale soon after the FMCG giant moved its training centre to suburban Andheri. Reuters

It was widely reported that ADAG Chairman Anil Ambani and Gautam Adani of Adani Group were also interested in buying HUL's erstwhile headquarters.

Gulita, the former training centre of HUL, is on a perpetual lease from the Brihanmumbai Municipal Corporation. HUL planned to sub-lease the property, after the Supreme Court set aside the BMC's move to charge a 50 per cent premium for transfer of ownership. It then decided to go for an outright sale of its rights.

Gulita, which was constructed in 1986, was put on sale soon after the FMCG giant moved its training centre to suburban Andheri.

The company had been trying to sell the property for nearly two years and had even advertised to give lessees in the building the option of buying it after three years.

Agencies