New Delhi: GlaxoSmithKline Pharmaceuticals (GSK) said its board has approved the sale of around 60 acres land of the company at Thane in Maharashtra to Oberoi Realty for a consideration of Rs 555 crore.

The company, however, did not mention what it proposes to do with the money.

"The Board of directors of the company at its meeting held today approved the sale of the company's land admeasuring approximately 60 acres located at Thane, Maharashtra to Oberoi Realty Ltd for a consideration of Rs 555 crore", GlaxoSmithKline (GSK) Pharmaceuticals said in a BSE filing.

The proposed sale is subject to receipt of all statutory and regulatory approvals from the concerned authorities and signing of the definitive documents in this regard between the company and Oberoi Realty Ltd, it added.