GlaxoSmithKline Pharmaceuticals to sell Thane land for Rs 555 crore

GlaxoSmithKline Pharmaceuticals on Friday said its board has approved the sale of around 60 acres land of the company at Thane to Oberoi Realty for Rs 555 crore.

“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 regulatory filing on the Bombay Stock Exchange.

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, the notice said.

In August 2014, ET had first reported that Oberoi Realty was in talks with GlaxoSmithKline Pharmaceuticals to buy the said land parcel.