The Hindu Business Line : Glaxo finally sells Worli plot for Rs 107 cr

PHARMA major GlaxoSmithKline Pharmaceuticals Ltd (GSKPL) has finally sealed the deal for sale of its plot in Worli for Rs 107.6 crore, GSKPL said in a communiqué issued here today.

The land was sold to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions. But another plot at the site will continue to be used as GSKPL's registered and corporate office. The transaction is expected to be completed in five months upon receipt of requisite approvals and permissions.

The land sold by the pharma major was ``surplus to the company's needs after operations at its Worli factory were wound down pursuant to a Voluntary Retirement Scheme'', the note said. Four bidders had been in the race for the Worli plot.

GSKPL top brass have indicated in the past that disposing land at Worli was top priority, following which the Mulund plant will be looked at. The Mulund plant, which is closed at present, came into the GSKPL fold following the merger of Burroughs Wellcome India Ltd. In fact, it had delayed the process of merger between the two companies due to issues relating to unified wages.

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