(ET)
Businessman Anil Ambani is in talks with a group of global private equity firms including Blackstone and another US-based fund to either sell his headquarters in the financial capital or give it on long-term lease, said three people familiar with the development. However, the site is also caught up in a legal tangle, they said.
Ambani plans to move back to his Ballard Estate office in south Mumbai, they said. The 700,000 sq ft Reliance Centre in Santacruz could fetch as much as Rs 1,500-2,000 crore. “Anil Ambani is looking for outright sale of the property or could give it on a long-term lease — both options are on the table,” said one of the persons. The Reliance Group “is looking to monetise its real estate as it aims to generate cash to pay off debt obligations after rating firms cut the creditworthiness of various group companies”.
