 Kolkata: Zandu Realty Ltd has struck a deal with Sheth Developers Pvt. Ltd to rebuild erstwhile herbal healthcare firm Zandu Pharmaceutical Works' headquarters in Mumbai's Dadar neighbourhood into a 2.7-acre commercial complex.
On entering the development agreement, Zandu Realty, an Emami group firm, received Rs. 70 crore in cash from Sheth Developers. It will also receive half the developed area on completion of the project, according to R.S. Agarwal, joint chairman of the Emami group.
After acquiring the company from its founders for around Rs. 730 crore, Emami Ltd carved out and merged with itself Zandu Pharmaceutical Works' herbal healthcare business. Emami is now cashing out of the fixed assets of the erstwhile herbal healthcare company.
It has already sold its stake in Zandu Pharmaceutical Works in the market.
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