Mahindra Group led Mahindra Lifespaces has purchased 12,000 sq m plot from Nycomed Pharma Private limited for around R205 Cr, according to TOI.
The plot located at Andheri, currently houses a bungalow, two guest houses, a R&D facility and an electric sub-station.
The plot has a development potential of 5 lakh sq ft under the new building planning rules framed by the civic body. Mahindra is planning to set up a high-end residential complex on the plot.
Nycomed Pharma was Nycomed A/S (Switzerland) 100% subsidiary in India. Established in 2003, the company constitutes Nycomed's only global R&D centre outside of Europe.
In 2011, Japanese pharma major – Takeda Global acquired Nycomed A/S for 9.6 Bn euros.
Incorporated in 1999 as Gesco Corporation, Mahindra Lifespaces has two major business segments – residential development and integrated business cities. The company is executing two integrated business city projects in Chennai and Jaipur through its subsidiaries – Mahindra World City Developers Limited and, respectively. M&M held 51% stake in MLDL as on March 31, 2012.