Bank of Baroda emerges as top bidder for Jet Airways’ office space in Mumbai's BKC: Report

Bank of Baroda has emerged as the highest bidder for Jet Airways’ 83,000-square-foot office space in Mumbai’s Bandra-Kurla Complex, reported The Economic Times, citing people familiar with the matter.

Brookfield Asset Management, which holds the right of first refusal (ROFR) for the office space, is expected to be notified of the bid and will have 15 days to match the offer. Brookfield is likely to exercise that right, the report said.

The e-auction, held on June 2, also included 70 reserved parking spaces. Bidders were required to place an earnest money deposit of 325 million rupees, one of the sources said.

The office, currently vacant, had been sealed by the Municipal Corporation of Greater Mumbai due to unpaid dues. However, on April 28, the National Company Law Tribunal (NCLT) ordered the de-sealing of the premises and a halt to recovery actions.

Brookfield had previously acquired Jet Airways’ third and fourth-floor offices in the same building in 2020 for ₹490 crore. Those spaces are currently leased to tenants including the World Bank and PayPal.

The property is reportedly being sold on an “as is where is” basis, with all applicable taxes and charges to be borne by the successful bidder.

Jet Airways, once India’s largest private carrier, has been undergoing insolvency proceedings since 2019.