Pfizer sells leasehold rights of 54.89 acre plant for ₹178 crore

MumbaiPharma major Pfizer has sold the leasehold rights of its 54

Mumbai

HT Image

Pharma major Pfizer has sold the leasehold rights of its 54.89 acre land along with its plant in Trans-Thane Creek industrial area in Turbhe on Thane Belapur Road in Navi Mumbai to Vidhi Research and Development LLP for ₹178 crore.

The total transaction amount includes a lumpsum amount of ₹178 crore to Pfizer and a differential amount of ₹29.58 crore to Maharashtra Industrial Development Corporation (MIDC), taking the total transaction amount to ₹207 crore.

The total area of the land works out to 23.47 lakh sq ft and includes the built up area of the plant spread across 3.92 lakh sq ft. The sale was registered on February 24, and a stamp duty of ₹22.07 crore was paid at the Thane sub registrar office, according to documents accessed by CRE Matrix, a real estate data analytics firm.

The MIDC had given the land on a 95-year lease to Pfizer India in April, 1965 for settting up its manufacturing plant. Pfizer board had approved a resolution to transfer the land and the plant to Vidhi Research and Development LLP in 2015 following approvals from the MIDC. MIDC granted approval for the transfer in 2019 after the purchaser .pays a differential premium to the corporation as per market rates.

In a regulatory filing last month, Pfizer India said it has completed the transfer of its land, plant machinery and workers to Vidhi.