Reliance Infrastructure looking to rent out 6.95 lakh sq ft in Mumbai

Part of R-Infra’s 6.95 lakh sq ft office adjacent to WEH could soon house the fourth campus of Whittle School and Studios, based in Washington DC Reliance Anil Dhirubhai Ambani Group (ADAG) is in talks to lease out part of the Santacruz headquarters of its subsidiary, Reliance Infrastructure Limited (R-Infra), to Whittle School and Studios, an educational institution based in Washington DC. Earlier this month, ADAG chairman Anil Ambani had told a UK court that his net worth was zero and that he was bankrupt. Ambani is being sued by three Chinese banks for a loan default of around Rs 5,000 crore by Reliance Communications (RCom), another subsidiary of ADAG. R-Infra’s headquarters, adjacent to the Western Express Highway, is spread across 3.83 acres and has a built-up area of 6.95 lakh sq ft. International real estate advisory firm CBRE has been roped in to manage the property transaction. “With easy access to the Western Express Highway and the airport, the Santacruz property will command a rent in the range of Rs 240 to Rs 250 per sq ft plus common area maintenance charges," said an industry source. R-Infra acquired its Mumbai power distribution business from state utility Bombay Suburban Electric Supply (BSES) in 2003. It acquired land measuring 15,514 square metres as part of the deal. When R-Infra sold the power distribution business to Adani Transmission last August, it retained the land on which the headquarters stands on a payment of Rs 270 crore.