The Adani Group is considering selling off some of its non-core real estate holdings.. The group has already identified a few of these assets and is working to expand its list. Real estate will be sold with the aim of using the money to invest in new projects it is undertaking.
The group has reopened discussions to consider the sale of Inspire BKC, a commercial real estate project on the outskirts of Mumbai's busy business zone, Bandra-Kurla Complex (BKC), which is home to numerous foreign corporations and Indian corporate houses.
Discussions with prospective bidders, including Brookfield Asset Management are now underway.
With a total leasable space of 800,000 square feet and tenants like Novartis, Reliance Nippon Life Insurance, and MUFG Bank, Inspire BKC is fully leased.
The 10-story standalone skyscraper was constructed in 2016 as a part of a programme to renovate slum areas. Since 2017, there have been rumours that the asset is for sale, and numerous international institutional investors are purportedly interested in buying it.
The group hoped to earn up to ₹500 crores from the sale of 16 acres owned by ACC in Thane, a city close to Mumbai.
The business, which entered the real estate market somewhat later than most, is currently building commercial and residential projects in prestigious real estate markets, including western India. With an initial investment of roughly ₹5,069 crores, the firm has also been awarded the contract to rebuild Dharavi, one of the biggest slum clusters in the world.
The group will eventually need to invest ₹20,000 crore in the project, with 20% of that sum needing to go to the Maharashtra government.