Sanofi India said on Tuesday that its board has approved the sale of the firm’s premises located at Nariman Point in Mumbai for R134.256 crore.
The property consists of five floors and corresponding car-parking spaces in Hoechst House situated in South Mumbai. Bright Star Investments bought the 7,442 square ft property.
The transaction is expected to complete in the quarter ending December 2014.
Sanofi, which also reported its results on Tuesday, posted a profit of R62 crore on net sales of R487.3 crore. Sales rose 3% year-on-year, while profit declined 19%.