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Mergers & Acquisitions | 29 October 2012

Mahindra Lifespaces Buys Land From Nycomed Pharma

by Sushil Surana
Mahindra Lifespaces Buys Land From Nycomed Pharma
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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.

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