Bayer CropScience to buy Rs 125 crore office building from Hiranandani

MUMBAI: German agrochemicals major Bayer CropScience is buying an eight-storey office building in Thane from Hiranandani Group to house its India headquarters along with offices of other Bayer companies, said persons familiar with the development.

The company has entered into an agreement with the realty group to buy this new 160,000 sq ft office building at Hiranandani Estate, a mixed-use project, Rs for 125 crore, they said.

According to sources, the company is considering to either sale or lease out this headquarters spread over nearly 60,000 sq ft at Hiranandani Gardens in Powai once the new Thane office is ready for occupation.

In its response to ET, Bayer Group confirmed the transaction for new office building in Thane. "It is too early to comment on the future plans for this (Bayer House) building (in Powai)," said the Bayer official regarding the plan to shift headquarters.