In Thane, GSK to sell 60-acre property
The 60-acre property in Thane district is now available for sale by GlaxoSmithKline Pharmaceuticals. The value of the land has been pegged by Realty experts in the range of R1, 600 to R1, 800 crore.
GlaxoSmithKline Pharmaceuticals chairman DS Parekh said while addressing shareholders during the company’s annual general meeting that they are doing remediation of the soil and as soon as it is completed they will try and sell the land if they find a buyer during the next one year.
Presently the value of land in the Thane region is between R28 to R30 crore per acre.
The plant which had been functional since 1961, in 2012, GlaxoSmithKline stopped its factory located on the land that housed an active pharmaceutical ingredient manufacturing unit.
On November 14, 2013, the company had announced that it was forecasting to set up a manufacturing facility with an investment of R864 crore in India. Whereas the company is looking at a possible site in Karnataka, nothing is finalised as yet.
Parekh said they have to consider about the tax concessions given by different states.
The company also discussed about their new upcoming products which will be launched in the upcoming year, through the parent company’s acquisition of US-based Stiefel Laboratories to its portfolio in the current year. Soon therapies will also be launched by the company for respiratory problems, skin cancer, diabetes which GlaxoSmithKline Plc has already brought to the market.
According to GlaxoSmithKline Pharma Managing Director Dr Hasit Joshipura, The Mumbai-based Company will launch a colorectal cancer drug during CY14 and looks to bring a blood cancer drug to market during CY15.
Parekh said Referring to the company’s poor CY13 financial performance adversely impacted by a host of issues; the company expects the effect to continue in the first six months of CY14.
Parekh added, for CY13, The company reported sales of R2,593.39 crore, an almost 3% fall from CY12 numbers while its net profit fell 13% year-on-year to R501.88 crore.
Source: Financial Express
Glaxo SmithKline, glaxosmithkline india, glaxosmithkline nashik, glaxosmithkline news, GlaxoSmithKline Pharma to sell 60-acre property in Thane, glaxosmithkline pharmaceutical, GlaxoSmithKline Pharmaceuticals, glaxosmithkline pharmaceuticals limited, GlaxoSmithKline sells 60 acre property, glaxosmithkline thane, Shareholders, Stiefel Laboratories, Thane Mumbai
