In what signals a truce between the Birla and Wadia families, Birla group company Century Textiles and Industry on Tuesday announced a deal to buy the prime land parcel at the centre of the dispute in central Mumbai's mill district from Nusali Wadia for Rs 1,100 crore.
The two families, among the oldest denizens of corporate India, were at loggerheads over the Worli plot in what used to be the mill land and has now become prime real estate. The matter was pending in the courts.
On Tuesday, Birlas-run Century Textiles and Industry made the surprise announcement that its realty arm Birla Estates is acquiring title rights for the approximately 10-acre plot for Rs 1,100 crore from Nusli Wadia.
The "existing leasehold interest of CTIL is merged with the ownership rights" with the deal, the statement said, adding that this particular parcel possesses a booking value potential of Rs 14,000 crore if the real estate is exploited to the fullest.
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