Worli building sold for over Rs 452 crore (India)

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MUMBAI: Hindustan Unilever Ltd (HUL) on Wednesday informed the Bombay Stock Exchange about the sale of its Gulita building in Worli to Piramal Realty (Ajay Piramal Group) for Rs 452.5 crore.

The letter said the two companies signed an agreement, assigning HUL's leasehold rights over the one-acre land and building for a transaction value of Rs 452.5 crore.

HUL's announcement comes days after TOI reported about an ensuing legal battle between the Lucknow-based Sahara Group and HUL over the sea facing property.

In March, Sahara issued a legal notice to HUL for selling the property to the Piramals. Aamby Valley, a part of Sahara Group, claimed that although its offer of Rs 442 crore was highest, its bid was rejected. However, Wednesday's letter to the stock exchange confirms that Piramal's bid was the highest.

Interestingly, at one time during the bidding process, Sahara had quoted Rs 487 crore. But when asked to improve its bid, the company quoted a lesser figure.

HUL, fearing that Sahara was all set to drag the matter to court, filed a caveat in three different courts in Lucknow.

source : TOI
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