The Indian Private Sector Bank, ‘Yes Bank’ has started the process for achieving physical belongings of Reliance Centre, the headquarters of Anil Ambani’s Reliance Group which is situated in Mumbai and the bank is, therefore, tracking to either sell the property to realize its dues or may move its headquarters there.
Yes Bank MD and CEO Prashant Kumar said that “This is a security for our loan and we had already taken symbolic possession and now we are moving to take physical possession. We would, however, like to monetize it but we may also move our offices there”.
Moreover, the steps were taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act to reclaim dues of Rs.2,892 crore from Reliance Infrastructure and in terms of the SARFAESI Act, the bank has to give a 2-3 months’ notice before taking belongings, which the Yes bank has done in May.
Reliance Infrastructure spokesperson said that even during the coronavirus pandemic, the establishment on the 21,432-square meter plot was valued at Rs.1,000-1,100 crore.
Yes Bank presently runs out of the IndiaBulls Finance Centre in Lower Parel where it leased to top six floors and the deal was struck at Rs.125 per square feet per month for 1.6 lakh square feet, according to the news reports of 2011.
The Indian Conglomerate, Reliance Group had relocated to the new headquarters in the year 2018 but after its debt dilemma, the company has diminished its operations. However, most of the workplaces were amalgamated in the north wing and part of the possessions was listed for lease.
Due to the COVID-19 epidemic and lockdowns, it resulted in further affiliation of office space as staff were asked to work from home (wfh).