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Wednesday, November 11, 1998

Mafatlal sells Nocil offices, other floors at Mafatlal Centre 

Manju AB  
Mumbai, Nov 10: Mafatlal Industries has sold four floors of the company's prime property at Mafatlal Centre, Nairman Point in south Mumbai, each measuring 15,645 square feet, to private investment and trading companies. The deal, which also includes Nocil corporate offices located at the Nariman Point building is worth Rs 107.2 crore.

With this sale, the entire possessions of Mafatlal Industries at Mafatlal Centre have been sold off. Nocil's corporate offices, which occupy the tenth and eleventh floors, have been purchased by Sunanda Properties Ltd and Sunanda Securities Ltd respectively. Sunanda's offices are located at the fourth floor of Rustom House, at present. The eighth floor has been sold off to Sudas trading and Investment Pvt Ltd with registered office at Mafatlal House for Rs 26.90 crore at the rate of Rs 17,200 per square feet.

Another trading company Samanta Manufacturing & Trading Pvt Ltd has bought the ninth floor also for Rs 26.9 crore.

Mafatlal Industries owned only six floors -- fromthe seventh floor to the 12th floor. The seventh floor and the twelveth floor of the building were alreadly sold off to Mitsui Corporation of Japan and Indus Venture Management Ltd respectively.

However, it could not be ascertained whether these investment companies are group investment firms of Mafatlal Industries Ltd and if the property will at a later date be sold to outside parties.

According to sources, NociL employees will be relocated to Mafatlal Chambers which is being developed at Mafatlal Spinning & Weaving Mills at Lower Parel where Mafatlal Industries is developing a new complex to house all its employees. The Mafatlal Chambers is being occupied by many Mafatlal Industries offices at present.

The remaining floors of Mafatlal Centre are owned by other members of the Mafatlal family. The first two floors of the building are occupied by UCO bank.

Third floor occupies Vinadeep Investments, Sheludeep Investments, Shandeep investment, Anudeep investments, Standard Industries.

The fourth flooroccupies Sun Grace Service Pvt Ltd, fifth floor is occupied by Indian Dyestuff Industries and the sixth floor by Stanrose Mafatlal Investments.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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