RIL in race for HUL Brookefields

Reliance Industries and Nitesh Estates, a Bangalore-based real estate developer, are in the shortlist to buy Hindustan Unilever's (HUL) Brookefields property in Bangalore.

The value of the bids, which were opened today, is estimated to be around Rs 350-420 crore. Brookefields is a 28-acre property located in the Whitefield area in Bangalore and was formerly Brooke Bond's corporate headquarters.

Other real estate players such as Hiranandani and DLF were reportedly in the fray for the property.

The final bidding is expected to take place in a week. According to sources close to the development, HUL is expecting Rs 15-20 crore per acre.

The company has appointed international property consultants Cushman & Wakefield to value the property and finalise the deal.

Despite Bangalore's falling realty prices and a high asking price, bids by the interested parties are said to be around Rs 12.50-15 crore per acre.

An HUL spokesperson said that process of bidding is underway but details of the front-runners are pure speculation. Reliance is actively scouting for prime property across the country for expanding its retail operations.

FMCG major HUL has been unlocking the value of its real estate assets across the country.

Apart from Brookefields, the company has also put other Bangalore real estate like a few apartments it owns on MG road and Airport road and other CBD locations on the bidders block.