Will the Wadia land deal be able to help revive Bombay Dyeing?
Nusli Wadia's sale of Bombay Dyeing's Worli land parcel for Rs 5,200 crore, the largest real estate deal in the city, will allow the company to pay off its debt and record positive net worth
Bombay Dyeing Mill at Pandurang Bhudkar Marg, Worli, Mumbai.
Image: Vijayananda Gupta/Hindustan Times via Getty Images
Once spoken about in the same breath as the Tatas and Birlas, the Wadias have a firm place in Mumbai’s history and were once considered part of the city’s business elite. But a series of poor business decisions and failure to get into high growth sectors (with the exception of now shuttered GoAir) has meant that the family relies on just one company, Bengaluru-based Britannia, for almost all their wealth.
Now, in a bid to revive the fortunes of Bombay Dyeing, which lost out to faster more nimble players (Indo Count, Welspun, Trident) in the home textile space, the company has sold its land parcel in Worli for Rs 5,200 crore. This would make Bombay Dyeing primarily a real estate company and a statement issued by the company says that it expects to sell Rs 15,000 crore of real estate in the next few years.
The Group’s aviation plans—GoAir was founded by son Ness Wadia—also seem to have gone awry. The airline has been grounded since May 2023 and its listing plans out on hold. Ness is no longer in charge of the company and has shifted base to London.
Forbes India takes a look at where the Wadias stand and whether this deal can revive Bombay Dyeing.
Major companies controlled by the Wadias
Most of their wealth comes from Britannia
