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Our Bureau

Mumbai, March 16

Pfizer Ltd has sold its Chandigarh property to C S J Infrastructure Pvt Ltd for a total consideration of Rs 278 crore, the company told the Bombay Stock Exchange. Of this amount, Pfizer had already received an advance of Rs 27.8 crore, or 10 per cent, as initial advance and the same was accounted for in the three-month period ending November 30, 2006.

Pfizer's Chandigarh plant stopped operations in November 2003 and all the permanent employees had opted for VRS, the company said. The assets comprising land, building, plant and machinery, among others, have been reflected as ``assets held for disposal'' in Pfizer's balance sheet since then, it added.

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