Reliance has acquired a Rs 350-crore bungalow in Delhi’s Lutyens’ Zone from BK Modi to accommodate executives and employees visiting the capital.

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Mumbai: has acquired a bungalow worth Rs 350 crore in Delhi’s prestigious and highly secure Lutyens’ Bungalow Zone.

Reliance Industries has clarified that the property will not serve as a private residence for the Ambani family.

The luxurious bungalow, located on Prithviraj Road, will be used as a corporate guest house for Reliance executives and employees visiting Delhi.

According to a Bloomberg report, the transaction was finalised towards the end of July for approximately USD 36.7 million, or nearly Rs 350 crore, excluding taxes.

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Key details of the deal

was sold by Singapore-based businessman Dr Bhupendra Kumar Modi, popularly known as BK Modi.

A Reliance Industries-linked entity reportedly purchased the property. Some reports have mentioned Anant Ambani’s family office in connection with the transaction.

However, Reliance has not commented on the family office’s direct involvement or the source of funding for the purchase.

The company’s spokesperson said the bungalow was acquired to provide accommodation to Reliance employees visiting Delhi.

Why the transaction is significant?

Private properties in the Lutyens’ Bungalow Zone rarely come up for sale, making the Rs 350-crore transaction particularly significant.

Delhi is an important administrative and business centre for Reliance Industries. The acquisition is expected to support the company’s operational requirements in the national capital.

What is the Lutyens’ Bungalow Zone?

Lutyens’ Delhi was developed during British rule after India’s capital was shifted from Kolkata to Delhi.

British architects Sir Edwin Lutyens and Herbert Baker designed the administrative and residential district, which is known for its broad roads, expansive gardens and large bungalows.

The zone houses senior political leaders, judges, military officials and prominent industrialists, including Gautam Adani, Lakshmi Mittal and Naveen Jindal.

The latest deal once again highlights the historical, commercial and real-estate value of this limited and highly secure area.

Who is BK Modi?

Dr Bhupendra Kumar Modi is regarded as one of the leading figures from the early years of India’s telecommunications industry.

Born into the well-known Modi business family, he earned the nickname “JV King” for establishing several joint ventures with international companies.

He partnered with global corporations such as Xerox, Alcatel, Olivetti and Telstra to build businesses in India.

His company, Modi Telstra, launched India’s first cellular mobile service in 1995. His Spice brand later became a familiar name in the country’s mobile handset market.

BK Modi’s Singapore connection

BK Modi later shifted his corporate base to Singapore and became a Singaporean citizen in 2012.

He is the founder and chairman of Smart Group, formerly known as Spice Global, which operates across the healthcare and technology sectors.

Apart from business, Modi is involved in philanthropy and social initiatives. He founded the Global Citizen Forum and has held a senior position in the World Federation of United Nations Associations.

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