Two bids worth $ 1bn for property in Powai received by Hiranandani

It is heard that two bids totalling $ 1bn have been received by real estate giants Hiranandani for its property in Powai. As per sources, the bids have been received from an Indian PE Firm and Canadian Firm. Hiranandani is, apparently planning to sell commercial property measuring 4.5 million sq. ft in Mumbai’s suburbs. The process of reforging the company’s ownership to sell the Powai property has been initiated by the Hiranandani brothers. The idea being mooted is that the property sale is part of the company’s plans to convert itself from a partnership firm to a private limited company.