GSK sells worli plot for Rs107.6 crores
By Our Corporate Bureau | 24 Apr 2004
Mumbai: GlaxoSmithKline Pharmaceuticals Limited (GSK) has sold its plot, admeasuring approximately 179,650 sq.ft. located at Worli, Mumbai. This was surplus to the company's needs after operations at its Worli factory were wound down pursuant to a voluntary retirement scheme. The company will retain another plot on the site for use as its registered and corporate office. The plot has been bought by I-Ven Realty Limited, a joint venture between ICICI Venture Funds Management Company Limited and Oberoi Constructions. The assignment / sale is for a consideration of Rs.107.60 crores. The transaction is expected to be completed within 5 months upon receipt of requisite approvals and permissions.
Commenting on the occasion, S Kalyanasundaram, managing director, said “The transaction was executed through a transparent and structured process. I am pleased that the deal has been concluded in a manner which is mutually beneficial to both parties.“