“Hetero has a joint development partnership with RMZ Corp and K Raheja Group to develop commercial properties in Hyderabad, totalling 20 acres of land,” said one of the people quoted earlier.
Hyderabad-based generic pharmaceutical company Hetero Group has bought around 600 acres of land for over Rs 350 crore from a US-based fund, in one of the largest land deals in the city in recent times. The deal includes the pharma firm buying the entire stake in two subsidiaries that held the land from the US fund.
“The deal has been concluded and the land is located ahead of Shamshabad airport, which commands a Rs 6 lakh per acre price. It has also aggregated some land in the same vicinity,” said a person aware of the deal.
The land was a part of the pre-Lehman investment made by the US fund in Indian real estate.
“Hetero has been very aggressive in buying land in Hyderabad,” said another person aware of the firms’ plans.
In 2017, it bought 20 acres of land from Puravankara Group for Rs 475 crore in the IT belt of Raidurg.
“Hetero has a joint development partnership with RMZ Corp and K Raheja Group to develop commercial properties in Hyderabad, totalling 20 acres of land,” said one of the people quoted earlier.
Hetero Group and CBRE, the advisor to the deal, declined comment on the development.
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