Oberoi Realty to buy GSK Pharma's Thane plot for Rs 555 crore

Oberoi Realty is set to acquire GlaxoSmithKline (GSK) Pharmaceuticals’ 60-acre land parcel at Thane, near Mumbai, for Rs 555 crore. This translates into a price of Rs 9.25 crore per acre.

GSK's board approved the land sale transaction in its meeting on Friday. “The proposed sale of land is subject to receipt of all statutory and regulatory approvals from the authorities concerned and signing of definitive documents between the company and Oberoi Realty in this regard,” GSK said in a filing to a stock exchange.

The company had received five to six bids for the land parcel and had indicated that the