Nusli Wadia is now looking at real estate opportunities beyond Mumbai.
Wadia is also keen to develop real estate in Kolkata as he feels that the real estate space is booming in Kolkata.
The group might form a separate company in future for real estate activities, which is now under group flagship Bombay Dyeing.
Nusli Wadia told Business Standard that the group is now gathering expertise in real estate. Once it develops enough expertise then it will look beyond Mumbai and Kolkata would figure into Wadia group's real estate development map.
"We are now drawing a roadmap. Later on we might develop real estate by acquiring land. Now we are doing it in our own land mostly under Bombay Dyeing. Once we have the expertise then we shall go for more projects in other metro cities like Kolkata. But we have not yet decided whether it will be under Bombay Dyeing or a new company," he said.
Wadia informed that it is also open to develop real estate in the premises of Britannia Industries jointly with Mumbai Port trust.
The BIL unit at Reay Road in Mumbai is owned by the port trust of the city.
"There is case before the Supreme Court but if the port trust is willing to develop the land we are open," he said.
Production at the Mumbai unit closed since April 2004.
Wadia mentioned that the production facility in Mumbai will be closed following the objection by Port Trust.
"The production capacity in other units of BIL, specially the new Uttranchal unit, will be stepped up to compensate the discontinuation of Mumbai facility," he said.
The Mumbai unit of Britannia is one of the oldest confectionery unit in Asia.
Apart from Mumbai and Uttarachal, BIL has manufacturing units in Kolkata, Chennai and Delhi.
It also outsources from contract manufacturers like Ganges Vally Foods, Uttam Biscuit Company, Sunrise Biscuit and Manna Foods. "The Uttranchal unit has started ahead of schedule in April 2005. The current focus is on training and a quick ramp up to reach full capacity by the end of third quarter of the current fiscal," he said.
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