Mukesh Ambani-run Reliance Industries (RIL) plans to sell 2.5-acres of land in central Mumbai to realty major,the Wadhwa Group,a source said.
The land in the rapidly-developing commercial hub of Bandra-Kurla Complex (BKC) is expected to be sold for around Rs 1,000-crore.
When contacted,a RIL spokesperson declined to comment on the matter.
This 2.5-acre is a part of the 18.5-acre land which Reliance Industries had purchased in 2006 from Mumbai Metropolitan Regional Development Authority (MMRDA) in an auction for Rs 1,104-crore,the source said.
It is understood that the transaction would likely be sealed in about a month’s time.