 "Bharat Dhuppar appointed as CEO of Wadia group's realty arm")
After a year’s gap, Nusli Wadia-led Wadia Group has got a new chief executive officer (CEO) for its real estate company, Bombay Realty. It has appointed Bharat Dhuppar, CEO of Sheth Creators, a Mumbai-based real estate company, to head Bombay Realty. Dhuppar has also worked as chief marketing officer at Omkar Realtors, a Mumbai-based developer.
Jeh Wadia, the younger son of Nusli Wadia and the managing director of the group’s flagship Bombay Dyeing, is in charge of the group’s realty business.
“Jeh Wadia has done a lot of streamlining in the business in the past couple of years. Now, he wants to delegate the operations to a professional,” said a source in the group, adding the company was looking to launch a few more projects in Mumbai in the coming months. An email sent to Jeh Wadia did not elicit any response.
Bombay Dyeing started focusing on real estate five years ago, developing huge projects in in central Mumbai. After the group’s aviation company GoAir was set up in 2005, Jeh Wadia was made in charge of property business in 2010 but Chairman Nusli Wadia was also actively involved in the business. Bombay Realty is currently developing two large projects - a 29-acre luxury residential project called Island City Center in Dadar area and a 25-acre mixed use project Wadia International Centre, which has head offices of Bombay Dyeing and Axis Bank. Bombay Realty is also looking to develop a five-star hotel, a hospital, and a luxury shopping destination under the name The Plaza. Real estate is the second biggest revenue segment for Bombay Dyeing, the group’s flagship company, and the most profitable compared to the other two divisions.
The real estate vertical posted a profit of Rs 277.2 crore on total revenues of Rs 470.2 crore in FY16. Bombay Dyeing had invested Rs 2,957 crore in the real estate business in FY16.
Jeh Wadia, the younger son of Nusli Wadia and the managing director of the group’s flagship Bombay Dyeing, is in charge of the group’s realty business.
“Jeh Wadia has done a lot of streamlining in the business in the past couple of years. Now, he wants to delegate the operations to a professional,” said a source in the group, adding the company was looking to launch a few more projects in Mumbai in the coming months. An email sent to Jeh Wadia did not elicit any response.
Bombay Dyeing started focusing on real estate five years ago, developing huge projects in in central Mumbai. After the group’s aviation company GoAir was set up in 2005, Jeh Wadia was made in charge of property business in 2010 but Chairman Nusli Wadia was also actively involved in the business. Bombay Realty is currently developing two large projects - a 29-acre luxury residential project called Island City Center in Dadar area and a 25-acre mixed use project Wadia International Centre, which has head offices of Bombay Dyeing and Axis Bank. Bombay Realty is also looking to develop a five-star hotel, a hospital, and a luxury shopping destination under the name The Plaza. Real estate is the second biggest revenue segment for Bombay Dyeing, the group’s flagship company, and the most profitable compared to the other two divisions.
The real estate vertical posted a profit of Rs 277.2 crore on total revenues of Rs 470.2 crore in FY16. Bombay Dyeing had invested Rs 2,957 crore in the real estate business in FY16.