UTI arm's Mumbai office for sale

The Specified Undertaking of UTI I (SUTI), has initiated discussions with UTI Asset Management Company (UTI AMC) for selling its biggest real estate asset, UTI Towers in Mumbai.

The deal is likely to be struck at Rs 150-160 crore, the biggest real estate deal in mutual fund industry. It may be noted that UTI Towers at Bandra-Kurla complex, which is now the headquarters of UTI AMC, is owned by SUTI. The entire real estate asset of SUTI is now under UTI Infrastructure Services (UTI ISL).

The administrator of SUTI, S B Mathur told Business Standard that it had offered UTI Towers to UTI AMC. "We believe a final decision in this regard will be taken soon. UTI AMC board is now discussing the matter," he said.

Sources close to UTI AMC informed that it was expecting a green signal from the finance ministry regarding taking over of UTI Towers by this month-end. Mathur informed that the valuation of the two lakh square feet property would be much more than Rs 100 crore.