Pfizer Has Sold The Leasehold Rights to a 54-Acre Plot of Land in TTCIA, Mumbai to Vidhi Research & Development

Pfizer - Vidhi Research & Development strike a deal at Trans Thane Creek Industrial Area

Mumbai:

Pharmaceuticals giant Pfizer has sold Vidhi Research & Development LLP its rights to an approximately 54-acre land block and its facility in the Trans Thane Creek Industrial Area (TTCIA) in Mumbai for over INR 207 crore including differential premium to the Maharashtra Industrial Development Corporation (MIDC).

Together with this leasehold property parcel in Turbhe, around 3.92 lakh square feet of buildings, including a pharmaceutical production facility, warehouses, and other structures, have been transferred. It is one of Pfizer's oldest facilities, having been commissioned in the 1960s. It provided both local and foreign markets with pharmaceuticals.

The land piece was leased to Pfizer by MIDC for a period of 95 years.

This transaction is part of Pfizer's prior decision to sell this factory as a going concern to Vidhi Research. Around INR 29.58 crore would be paid to MIDC as difference premium from the total price for the sale of these rights. The records retrieved through CRE Matrix, a real estate data analytics service, revealed that the buyer paid INR 22.07 crore in stamp duty for the registration of the transaction based on the market value of INR 490.5 crore.

Pfizer said in its most recent regulatory filing that it has obtained the necessary clearances from the relevant authorities and that both parties, including the firm and the buyer, have satisfied the conditions set forth in the 2015 business transfer agreement.

Therefore, the corporation has transferred its commercial venture in Thane, including land, equipment & machinery, and all Workmen engaged at the aforementioned facility, to Vidhi Research from February 24, 2023.