Hetero Group, a Hyderabad-based generic pharmaceutical company, has bought 600 acres of land for more than Rs 350 crore from a US-based fund. The land ahead of Shamshabad airport is valued at Rs 6 lakh per acre, according to sources.
Hetero Drugs is the world’s largest producer of anti-retroviral drugs and is based in India. The Drug Controller General of India (DCGI) recently granted Hetro Group license to manufacture and commercialise Molnupiravir capsules of 200 mg strength, which are intended to treat high-risk COVID-19 adult patients.
The pharma business would purchase the whole share in two companies that held the land from the US fund as part of the arrangement. The land was part of a pre-Lehman investment in Indian real estate by a US fund. However, officials have not yet issued a statement, but sources have confirmed.
Puravankara Group sold 20 acres of land in Raidurg’s IT belt for Rs 475 crore in 2017. Puravankara Projects sold a 20-acre property piece in Hyderabad, as well as its whole share in three companies that held the site, to generic pharmaceutical giant Hetero Group for Rs 475 crore in 2017. Even then the officials had refused to release a statement.
Hetro has been spotted buying multiple lands in Hyderabad recently. Hetero has formed a joint venture agreement with RMZ Corp and K Raheja Group to construct 20 acres of commercial land in Hyderabad. Puravankara Projects has already confirmed the formation of a partnership with companies like Hetro groups to start projects in the Hyderabad property market, which has enormous potential.
