Vidhi Research acquires the leasehold rights to a 54-acre land parcel in Thane from Pfizer

Pfizer has sold its rights to a nearly 54-acre land parcel in the Trans-Thane Creek Industrial Area (TTCIA) near Mumbai to Vidhi Research & Development LLP for more than Rs 207 crore, including a differential premium to the Maharashtra Industrial Development Corporation (MIDC). Along with this leasehold land parcel in Turbhe, built-up areas of over 3.92 lakh sq ft have been transferred, including a pharmaceutical manufacturing unit, warehouses, and other structures built on the plot.

The plant is one of Pfizer's oldest, having been operational since the 1960s. It provided pharmaceuticals to both domestic and international markets. The agreement is part of Pfizer's earlier decision to sell this plant as a going concern to Vidhi Research & Development LLP. Pfizer held the leasehold land parcel under a 95-year lease from MIDC. Vidhi Research & Development LLP has now received the leasehold rights.

Over Rs 29.58 crore will be paid to MIDC as a differential premium for the transfer of these rights from the total consideration. According to documents obtained from CRE Matrix, a real estate data analytics firm, the buyer paid stamp duty of Rs 22.07 crore for the registration of the deal based on a market value of Rs 490.50 crore. Pfizer stated in a recent regulatory filing that it had received all necessary approvals from the relevant authorities and that both parties, including the company and the buyer, had completed the conditions precedents outlined in the 2015 business transfer agreement.

Over Rs 29.58 crore will be paid to MIDC as a differential premium for the transfer of these rights from the total consideration. According to documents obtained from CRE Matrix, a real estate data analytics firm, the buyer paid stamp duty of Rs 22.07 crore for the registration of the deal based on a market value of Rs 490.50 crore. Pfizer stated in a recent regulatory filing that it had received all necessary approvals from the relevant authorities and that both parties, including the company and the buyer, had completed the conditions precedents outlined in the 2015 business transfer agreement.

Over the last few years, micro markets in Mumbai’s neighbouring Thane have emerged as a hotspot for land transactions. Realty developer Oberoi Realty recently acquired air-conditioning and commercial refrigeration company Blue Star India’s 9-acre land parcel in Thane on an outright basis for over Rs 200 crore. Runwal Group also acquired an over 20-acre land parcel in Thane’s Ghodbunder locality from a chemical company PB Global for around Rs 471 crore. In 2021, billionaire investor and founder of DMart, Radhakishan Damani acquired an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore. In 2019, Singapore-based global investment firm Xander Group’s retail arm Virtuous Retail South Asia (VRSA) acquired about 20 acres in Thane from textile firm Raymond for over Rs 710 crores.