The country’s richest businessman Mukesh Ambani has bought a bungalow worth Rs 350 crore in ‘Lutyens Bungalow Zone’, the most posh and safe area of Delhi. Reliance has made it clear that this bungalow will not be the private residence of the Ambani family. Reliance will use this luxurious bungalow located on Prithviraj Road as a corporate guest house for its officers and employees visiting Delhi. According to Bloomberg report, this deal was finalized in late July for approximately $36.7 million, i.e. approximately Rs 350 crore, excluding taxes. Highlights of the deal: Reliance spokesperson said that the company has purchased this bungalow for the stay of its employees in Delhi. However, the company has not given any statement on the direct role of Anant Ambani’s family office or the money in the deal. This purchase on Prithviraj Road is also special because very few private properties are sold in Lutyens. Delhi is a very important center for Reliance from administrative and business point of view, hence the company has made this investment. What is Lutyens Bungalow Zone? Lutyens’ Delhi was established during the British Raj, when the British shifted the capital of India from Kolkata to Delhi. Sir Edwin Lutyens and Herbert Baker had prepared the map of this entire administrative and residential area. Which also has wide roads and big gardens. Today, leaders holding top constitutional posts of the country, judges, military officers and big businessmen of the country like Adani, Lakshmi Mittal, Naveen Jindal live in Lutyens Zone. This new deal of Rs 350 crore in this limited and protected part once again proves the historical and commercial value of this area. Who is Bhupendra Kumar Modi who sold the bungalow? Property seller Dr. Bhupendra Kumar Modi is counted among the big giants of India’s early telecom era. BK Modi, born in the famous Modi business house, is called the JV King of India i.e. Joint Venture King because of his partnerships with international companies. Modi’s connection with Singapore BK Modi later shifted his corporate base to Singapore and took citizenship there in 2012. He is the founder and chairman of ‘Smart Group’ (formerly known as Spice Global), whose business spans across healthcare and technology sectors. Apart from business, he is also active in social work and philanthropy. He founded the Global Citizen Forum and has also held senior positions in the World Federation of United Nations Associations. Also read this news… Petition demanding disclosure of ethanol percentage at petrol pumps rejected: Supreme Court said – go to the competent authority; There is a possibility of E20 fuel causing malfunction in old vehicles. The Supreme Court has rejected the petition demanding to write the quantity of ethanol on the nozzles of petrol pumps. The court asked the petitioner to approach the concerned competent authority in this matter. Today on August 31, the court has rejected this petition. Read the full news…
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Ambani bought a bungalow worth ₹ 350 crore in Lutyens Zone: Guest house will be built for employees, Joint Venture King BK Modi sold the property.
