The Bombay Dyeing and Manufacturing Company Limited (NSEI:BOMDYEING) is in talks to sell a part of its land parcel in Central Mumbai at a valuation of INR 50,000 million. A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq ft for commercial purposes, a real estate industry source said. Bombay Dyeing will use the proceeds to reduce part of its debt and for other corporate purposes, the source added.