Bombay Dyeing is one of the few companies that own prime land of 60 acres in the heart of Mumbai.

Analysts have however been uncertain about when the value is going to be unlocked. Ness Wadia- Joint MD, Bombay Dyeing & Manufacturing says that the company is in it for the long term and that development is on track for both his gold mines Dadar and Worli.

"In Dadar it is a mid to upper segment development and in Worli it is luxury. In Dadar, construction is well under way and the residential building is almost complete. In Worli, also we have started right next to hard rock cafe. You'll see shopping complexes, commercial and office development and service apartments. The construction will happen over the next 3-5 years," - Ness Wadia.

Bombay Dyeing has also recently entered for the first time the middle-income segment of real estate development.

"We just got awarded a middle income re-housing project and we are starting on that. We are looking at joint ventures in that space," said Ness Wadia.

Manufacturing

Known more for real estate and less for its 180 year old business, textiles is about to change. Bombay Dyeing has finally shifted its manufacturing out of the city. And the company is revamping its brand and ramping up retail presence.

"On the manufacturing front we are looking at joint ventures with European players, so partly we will be outsourcing and we will also be selling our brand through them. On the retail side, we will be opening about 60 stores in the next two years and the investment will be about 50-60 crores," said Ness Wadia.

Bombay Dyeing still seems to have a lot of value unlocking to do on both the real estate and textile fronts. For both businesses the company seems to be focusing on the higher end of the market. One thing is for sure, the vast amount of prime land in possession of the Wadias gives them an edge over many others.

So it is not unfair to say that 'Real Estate Industry' is the next focus of each businessmen of the country.


Source of this news is ndtvprofit.com
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  • I think the project is still not completed.
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