With the plan to expand, Sanofi India has bought 150000 sq. ft. office space at Powai in Mumbai.
MUMBAI: Sanofi India is the Indian subsidiary of French pharmaceutical major. It has bought 150000 sq. ft. of office space as part of their plan to expand. The newly bought office space is located at Powai, one of the suburbs which fall in the MMR.
Sanofi India acquired the office space from L&T Realty. They bought it for Rs.220 Cr. This is the largest deal in the year 2013.
Currently, Sanofi India is headquartered at Andheri. The size of the current head office is only 65000 sq. ft.
By securing a bigger office in the upcoming project of L&T Realty, the group has signaled its expansion policies. The project is under construction. Once the project is ready, they will move their HQ to the new office.
Persons with direct knowledge reported that the entire amount will be paid in installments. They added that the payment is linked to construction and so Sanofi India will pay the amounts as the construction progresses.
L&T Realty has started the construction of this commercial project. The 10-storey project is expected to be completed by the end of 2015 or in the first quarters of 2016.
The 10-storey building is part of L&T Business Park where L&T Infotech and JP Morgan are operating right now.
Sanofi and L&T Realty declined to comment. On the other hand, the transaction advisor Jones Lang LaSalle offered no details about the deal. JLL too remained silent.
The current HQ of Sanofi India is at Andheri on the Mathuradas Vasanji Road. The whole of this project is developed in 1.6 acres of land. This will probably offered for sale, however only after their shift to the new office. As the new office will be ready only by three years of time, this will not be sold soon anyway.
