GSK Pharma sells 60 acres land in Thane to Oberoi Realty for Rs 890 crore

Mumbai: Glaxo Smith Kline Pharmaceuticals (GSK) has divested around 60 acres of its lands at Thane in favour of Oberoi Realty for nearly Rs 890 crore (a total consideration of Rs. 889.50 crores).

In a regulatory filing, GSK said "the Company has, pursuant to a receipt of all statutory and regulatory approvals from the concerned authorities, today divested its lands at Thane admeasuring approximately 2,40, 140 square meters in favour of Oberoi Realty Limited for a total consideration of Rs. 889,50,00,000/- (Rupees Eight Hundred and Eighty-Nine Crores Fifty Lakhs only)."

Oberoi Realty paid the entire consideration amount to GSK and has registered the property, and taken possession on Friday.

"A small portion, admeasuring approximately 1,410 square meters are excluded from this sale owing to a stay order passed by the Hon'ble Bombay High Court on 12th October 2017," GSk added.

GSK also paid a sum of Rs. 337.46 crores towards obtaining all required statutory and regulatory approvals.

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