BSES House likely to make way for IT park

                                                                                         

MUMBAI: BSES House, the famous landmark in Mumbai’s western suburbs and the headquarters of Reliance Energy (REL), will soon make way for a swanky business centre, probably an IT park. The Anil Ambani company, sources say, is exploring the possibility of shifting its base to the modern business district of Bandra-Kurla Complex and developing BSES House for a separate purpose.

REL is understood to have submitted a proposal to the state government to allow it to convert the old building into a modern business complex. “The company wants to set up an IT park at BSES House,” a government official told ET. “The government policy offers some concessions to IT park in land usage. This may have prompted the idea of an IT park,” a government official said.

An REL executive confirmed the move, but refused to discuss company’s plans. “REL is contemplating rebuilding the existing premises at Santacruz,” an official spokesperson told ET. But he made it clear that the proposed plan would be “subject to approvals as necessary to meet expansion plans”. He declined to comment on whether the company is moving its headquarters to Bandra-Kurla Complex.

The five-storeyed BSES building is built over 50,000 sq ft of space. The company also has around 10,000 sq ft of under-utilised land available in the same premises. The existing rate in the area is Rs 12,000-13,000 per sq ft.

Considering the city’s development plan and the surrounding overcrowded area, REL will not be allowed to utilise additional floor space index except as an IT park.

BSES House was transferred to the undivided Reliance Industries after it took charge of over the 83-year-old company — Bombay Suburban Electric Supply (BSES)— in ‘02. The new ownership gave the house a new, refreshing glass-house-like look.

The property was owned by BSES and was transferred to RIL for its wholly-owned subsidiary Reliance Power Ventures, which later became Reliance Energy. REL was transferred to the Anil Ambani group, following the split between the two brothers.

One of the first private sector players in the power sector, BSES had interests in generation, transmission and electricity distribution, with presence in all major areas — including Mumbai — in the country even before joining the REL stable.

Reliance Energy transmits and distributes electricity to more than 5m customers in parts of India. The company’s service territory covers an area exceeding 1.2m sq kms, including Mumbai and Delhi. The company also operates power plants which generate around 885 MW of electricity.

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Source: IndiaRealEstateblog

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