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The Adani Group is planning to monetise land in a Mumbai suburb where ACC Ltd has a large campus, including a research and development unit, either through a sale or by transferring it to Adani Realty, the real estate arm of the group.
The ACC Campus in Thane is located on about 16 acres of land. According to market source, the land could be worth between ₹400 to ₹480 crore at ₹25-30 crore per acre. It could be even more because Thane is now seeing hectic development with large developers setting up projects.
Recent deals in Thane by top developers such as Oberoi Realty, Runwal group, and Hiranandani group as well as by Amazon, have been in the range of ₹23-30 crore per acre, according to real estate circles.
After acquiring ACC and Ambuja Cements from Holcim last year, the Adani Group has been redeploying personnel of the two companies from diverse locations. In the case of ACC, many of them have been transferred to the head office at Churchgate in Mumbai while some key positions have been shifted to Ahmedabad.
Some sources said that while an outright sale of the property could give the company some cashflows, others said that it is more likely to be used for real estate development.
A spokesperson for the Adani Group, when reached for comments, said that the information was speculative and “we do not comment on speculation.”
Adani Realty, with 15 million square feet of developed area and another 19 msf under development, has residential projects coming up in Ahmedabad, Gurugram, Mumbai and Pune. It is also scouting for more land in Mumbai and last year acquired two land parcels spread over 92 acres from K Raheja Corp for around ₹1,500 crore.
The corporate office of Ambuja Cements in Andheri has some portions that are owned by the company and some that are on lease. Sources indicated that the company is likely to give up leases and sell what it owns as it is embarking on an exercise to merge the two companies.
After buying ACC and Ambuja Cements for $10.5 billion, the Adani group is also planning to double the capacity over the next five years.
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