HUL sells Gulita to Piramal Realty for Rs 452 cr

Fast moving consumer goods (FMCG) company Hindustan Unilever (HUL) on Wednesday said it had sold the Gulita property in Mumbai to Piramal Realty, the property development arm of Ajay Piramal Group, for Rs 452.5 crore.

Though Piramal Realty had earlier emerged as the highest bidder for the one acre property at a reported price of Rs 410 crore, Sahara had sent out a legal notice to HUL, saying it was passed over despite being the highest bidder.

Aamby Valley, a unit of Sahara Group, complained that HUL rejected its offer of Rs 442 crore. While HUL spokesperson said, "As a matter of policy, we do not comment on market speculation.” The company had reportedly filed a caveat in three Lucknow courts past week over the Gulita property.

“HUL was constantly renegotiating the deal with Piramal after the development,” said a person in the know about the deal.

The Ajay Piramal Group spokesperson did not comment on the development.

Piramal Realty is planning to develop villas and residential apartments on the property.

Gulita, the former training centre of HUL, is on a perpetual lease from the Brihanmumbai Municipal Corporation. HUL was planning to sub-lease the property, after the Supreme Court set aside the BMC’s move to charge a 50 per cent premium for transfer of ownership. It then decided to go for an outright sale.

Constructed in 1986, the property was put on the block after HUL moved its training centre to a sprawling campus in Andheri in the past year.

Jones Lang LaSalle India negotiated the deal on behalf of Piramal Realty, said sources.