Japanese firm bids whopping Rs 2,238 cr for 3-acre Mumbai plot

Japanese multinational corporation (MNC) Sumitomo Corporation has bid a staggering Rs 2,238 crore for a three-acre plot in the prime Bandra-Kurla Complex (BKC) in central Mumbai, an official said here on Tuesday.

"We have received the bid from the company for the plot here. However, the bid will be scrutinised and evaluated and will undergo our processes for other formal approvals before it is finalised. We cannot fix a timeframe for this," Dilip Kawathkar, Executive Director, Mumbai Metropolitan Region Development Authority (MMRDA), told IANS.

The bid, which works out to around Rs 745 crore per acre, is billed among the biggest in the country in recent times, though the MMRDA officials declined to elaborate.

Officials said if Sumitomo Corporation wins the bid, it may be entitled to a floor space index (FSI) of 4 permissible on the BKC plot, or a built-up area of approximately a million square feet.

Established in 1919, the Tokyo headquartered Sumitomo Corporation is spread across Japan, Asia, Europe, America, Africa, East Asia and other countries globally, dealing in infrastructure, realty, media, metal products, transportation and construction systems, minerals, energy and chemicals.IANS