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Mumbai’s iconic 97-year-old Parle-G factory gets clearance for commercial redevelopment
MUMBAI: Mumbai’s industrial past is being dismantled brick by brick—and replaced with glass, steel and balance sheets.
The iconic Parle-G biscuit factory in Vile Parle East, where India’s best-known FMCG brand was born, has received clearance for redevelopment into a large commercial complex, marking another milestone in the city’s relentless conversion of legacy industrial land into real estate gold.
The redevelopment plans were first submitted to the Municipal Corporation of Greater Mumbai in mid-2025, followed by applications for environmental approvals, according to a Hindustan Times report.
The Parle Products land parcel spans 5.44 hectares (13.45 acres) and will be redeveloped with a total built-up area of 1,90,360.52 sq m. Of this, 1,21,698.09 sq m falls under Floor Space Index (FSI), while 68,662.43 sq m is classified as non-FSI construction. The estimated project cost stands at Rs 3,961.39 crore.
The proposed commercial project will comprise four buildings, each with two basement levels. The A-wing of the first three buildings will rise to six floors. In Building 1, the B-wing will include retail and office spaces on the first, seventh and eighth floors, while floors two to six are designated for parking. The complex is expected to house retail outlets, restaurants and food courts.
The Parle redevelopment is the latest chapter in Mumbai’s sweeping reinvention of its industrial landscape. From shuttered textile mills in Central Mumbai to former factories in the suburbs, land that once powered Bombay’s manufacturing economy is now being monetised to fuel a services-led future.
The transformation began in the 1990s with the decline of the textile industry and accelerated after changes in development control regulations unlocked vast mill lands in areas such as Lower Parel, Worli, Mahalaxmi and Prabhadevi. Landmark redevelopments at Phoenix Mills, Kamala Mills, Bombay Dyeing Mills and others reshaped the city’s skyline, blending luxury housing, offices, malls and hotels. High Street Phoenix emerged as a template for mixed-use urban regeneration.
The shift has since spread beyond textiles. Across Andheri, Kurla, Goregaon and Mulund, old biscuit factories, engineering units and warehouses have been converted into IT parks, co-working hubs and residential projects, mirroring Mumbai’s broader move away from manufacturing.
More land is waiting in the wings. Railway land, Mumbai Port Trust parcels along the eastern waterfront, and salt pan tracts in the suburbs are expected to unlock the next wave of large-scale redevelopment over the coming decade.
As infrastructure improves in satellite cities around Mumbai, industries are steadily moving out, freeing up prime urban land for redevelopment. The logic is simple: cheaper land outside, richer returns inside.
Mumbai, it seems, is no longer baking biscuits. It is baking balance sheets—and the oven is still hot.
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Emami moves to acquire majority stake in Axiom Ayurveda in phased deal
First tranche lifts stake to subsidiary status, full buyout set by June
MUMBAI: Emami Limited has taken a decisive step to strengthen its play in the ayurveda segment, entering into a share purchase agreement to acquire a majority stake in Axiom Ayurveda Private Limited.
The company, which already held about 26.5 per cent in Axiom Ayurveda, is now set to raise its stake to around 73.5 per cent through the transaction. In the first tranche completed on 1 April, Emami acquired roughly 36.7 per cent equity, taking its total holding past the majority mark and turning Axiom Ayurveda into its subsidiary.
The remaining stake, comprising an equal portion, is expected to be acquired by June 2026, in line with the terms agreed under the share purchase agreement.
While financial details of the transaction were not reiterated in the latest filing, the move signals Emami’s intent to deepen its presence in the fast-growing ayurvedic and natural products space, where consumer demand continues to rise.
In a regulatory communication, Emami Limited company secretary and compliance officer Ravi Varma confirmed the completion of the first tranche and outlined the timeline for the remaining acquisition.
With Axiom Ayurveda now under its wing, Emami appears to be doubling down on traditional wellness with a modern twist, positioning itself to tap into both domestic demand and evolving global interest in ayurvedic products.
