Reliance Group chairman Anil Ambani is likely to lease out or sell the group's Santacruz headquarters in order to trim debt, The Times of India reported on Monday, citing people with direct knowledge of the matter.

The building, which is situated on Mumbai's Western Express Highway, could fetch up to Rs 3,000 crore if sold, said the report, adding that the group has appointed property consultancy firm JLL to advise on a transaction.

The headquarters is a 7-lakh-sqft building on nearly 4 acres of land.

According to the report, Ambani will move his group office back to Reliance Centre at Ballard Estate in south Mumbai, which is vacant currently.

When contacted by TOI, the group spokesperson confirmed the development, however, refused to pass on any details.

The decision comes as the group aims at making Reliance Infrastructure, which owns the property, debt free, said the report, adding that the infra developer has a debt of under Rs 5,000 crore. The total debt of the group is estimated at about Rs 75,000 crore, added the report.

First Published:Jul 1, 2019 8:50 AM IST