Piramal Realty buys HUL’s sea-facing property in Mumbai ‘Gulita’ for Rs 452.5 cr

Fast moving consumer goods (FMCG) firm Hindustan Unilever (HUL) announced on Wednesday that it has sold off its sea-facing property located at suburban Worli, ‘Gulita’, to Piramal Realty for Rs 452.5 crore. Piramal Realty is the property development arm of Ajay Piramal Group.

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Piramal Realty had earlier emerged as the highest bidder for the one acre property.

“HUL and entities of Piramal Realty (Ajay Piramal Group) have signed an agreement for assignment of the former’s leasehold rights of the land and building named ‘Gulita’ situated at Worli sea face for a transaction value of Rs 452.5 crore. The consideration includes both fixed and variable components,” the company said in a statement.

It was widely reported that ADAG Chairman Anil Ambani and Gautam Adani of Adani Group were also interested in buying HUL’s erstwhile headquarters.

Gulita, which was constructed in 1986, was put on sale soon after the FMCG giant moved its training centre to suburban Andheri.