Dolo-650 manufacturer Micro Labs Limited has purchased a 3-acre industrial land in Bengaluru in exchange for a sum of ₹111.07 crore, property registration documents accessed through real estate data analytics platform Propstack showed.
The said land parcel, located in Hoodi Village of East Bengaluru, has been converted for industrial use, as per the deed of sale.
The process of converting an agricultural land into non-agricultural, in other words residential, commercial or industrial, is called land conversion, typically done by obtaining necessary approvals from local authorities and paying a fee.
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More on the deal
The pharmaceutical formulations maker and distributor has purchased the property from Bengaluru-headquartered Anushka Constructions Private Limited, the documents stated.
The deal was registered on September 5, 2024, and involved a stamp duty of ₹6.22 crore, per the documents.
Queries mailed to Micro Labs by HT.com did not elicit a response. The story will be updated when a statement is received.
Anushka Constructions could not be reached for a comment.
Micro Labs Limited is one of the largest privately held pharma companies in India, operating since 1973. According to the company website, the pharmaceutical major has a presence in 50 countries with ground-level operations in 25.
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Within India, Micro Labs runs 14 manufacturing plants across Bengaluru, Sikkim, Puducherry, Goa and Tamil Nadu, per the company website.
Hoodi is a developing locality in the eastern periphery of Bengaluru, flanked by Ayyappa Nagar in the north, Whitefield in the east, Mahadevapura in the west and Brookfield in the south.
Besides close proximity to major IT parks such as RMZ NXT and International Tech Park, the area boasts metro connectivity and residential projects by well-known developers such as Godrej Properties, Brigade Enterprises and the Sumadhura Group.
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The Bengaluru-based company’s managing director Dilip Surana had bought a bungalow in the IT city for ₹66 crore last year, property documents had shown. The land along with the bungalow is located in FairField layout along Devaraj Urs Road, formerly known as Race Course Road, the sale deed had shown.