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Pfizer sells leasehold rights of 54-acre land parcel in Thane to Vidhi Research

Pharmaceutical major Pfizer has sold its rights over nearly 54-acre land parcel along with its plant in Trans-Thane Creek Industrial Area (TTCIA) near Mumbai to Vidhi Research & Development LLP for over Rs 207 crore including payment of differential premium to the Maharashtra Industrial Development Corporation ,M.I.D.C.,

Along with this leasehold land parcel in Turbhe, built-up areas of over 3.92 lakh sq ft including pharmaceutical manufacturing unit, warehouses, and other structures constructed over the plot have been transferred.

The plant has been one of Pfizer‘s oldest units and it was commissioned in the 1960s. It supplied drugs to both domestic and international markets.

The deal is part of Pfizer’s earlier decision to sell this plant to Vidhi Research & Development LLP as a going concern.

The leasehold land parcel was held by Pfizer through a 95-year lease from MIDC. The leasehold rights have now been transferred to Vidhi Research & Development LLP.

Out of total consideration, over Rs 29.58 crore will be paid to MIDC as differential premium for transfer of these rights. The buyer has paid stamp duty of Rs 22.07 crore for the registration of the deal based on the market value worth Rs 490.50 crore, showed the documents accessed through CRE Matrix, a real estate data analytics firm.

Pfizer, in its recent regulatory filing, stated that it has received all requisite approvals from the concerned authorities and both the parties including the company and the buyer have completed the conditions precedents set out in the business transfer agreement inked in 2015.

Accordingly, the company has transferred its business undertaking at Thane including land, plant & machinery and all the workmen employed at the said unit to Vidhi Research and Development LLP effective close of business on February 24, the day when the transaction was registered.

In July 2015, the drug major had announced its plan to close the plant based on an assessment of its long-term viability. As the land is held through a long-term lease from MIDC, permission from the authority was necessary for conclusion of the deal, for which a partial approval was secured in July 2019.

Over the last few years, micro markets in Mumbai’s neighboring Thane have emerged as a hotspot for land transactions. real estate developer Oberoi Realty recently acquired air-conditioning and commercial refrigeration company Blue Star India’s 9-acre land parcel in Thane on an outright basis for over Rs 200 crore.

Runwal Group also acquired an over 20-acre land parcel in Thane’s Ghodbunder locality from a chemical company PB Global for around Rs 471 crore. In 2021, billionaire investor and founder of DMart, Radhakishan Damani acquired an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore.

In 2019, Singapore-based global investment firm Xander Group’s retail arm Virtuous Retail South Asia (VRSA) acquired about 20 acres in Thane from textile firm Raymond for over Rs 710 crores.

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