For the first time in their close to 100 year history the Birlas have decided to venture into hospitality sector and as a result a five star hotel on a closed mill plot in Worli, Mumbai is going to take shape. The Birla group, standing in the same league as Tata Group, is one of the respected corporate groups in India and carries a century old history with it.
Basant Kumar Birla, the oldest member of the Birla family, informed that the group had decided to set up a luxury hotel near Worli, in South Mumbai, on an unutilized land belonging to Century Textiles & Industries. Mr. Birla said that they would not run the hotel. He told that five big groups from India and abroad had approached them for managing it and for which they would get a fee, which would be revised every three years.
Mr. Birla also said that the group might use the land for commercial real estate. The corporate honcho added that they wanted to optimize the value of the land belonging to Century Textiles and it would become so if they developed it. He further added that the company would return 15-20 per cent of the land to the state government, as per rules and the rest would be developed.
