The Mukesh Ambani-run Reliance Industries (RIL) plans to sell 2.5 acres of land in Central Mumbai to realty major Wadhwa Group, a source said.
The land, located 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.
The 2.5-acre plot is part of a 18.5-acre piece of land that Reliance Industries had purchased for Rs 1,104 crore from the Mumbai Metropolitan Regional Development Authority (MMRDA) at an auction in 2006, the source said.
The transaction is likely to be sealed in about a month's time.