A real estate agent who operates in the area, said on condition of anonymity, "The deal has taken place and a token amount has been exchanged. It will continue to be used as an office." With the current rate of Rs 15,000 per sq mts (or above), the sale is expected to fetch Birla around Rs 10 crore.


Zenith Birla used to occupy an office on the second floor of Vedant Commercial Complex in Thane's Vartak Nagar. Pics/Ankoor Anvekar 

While speculation remains that Birla is selling properties to pay creditors who had invested in Birla Power Solutions, he told SUNDAY mid-day that the two firms have nothing to do with each other. "The Thane property belongs to Birla Zenith. It was lying vacant and, hence, it's being sold. This has nothing to do with creditors of Birla Power Solutions," he added.

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In the meanwhile, the 48-year-old has claimed that of the R60 crore that he owed to his creditors, R54 crore has been repaid. To raise funds for the same, he has liquidated some of his other properties.