Hetero Group, a Hyderabad-based generic pharmaceutical company, has purchased 600 acres of land from a US-based fund for over Rs 350 crore, in one of the city’s largest land purchases in recent memory. The pharma firm would buy the whole share in two subsidiaries that held the land from the US fund as part of the agreement.
“The deal has been concluded and the land is located ahead of Shamshabad airport, which commands a Rs 6 lakh per acre price. It has also aggregated some land in the same vicinity,” said a person aware of the deal.
The land was part of a US fund’s pre-Lehman investment in Indian real estate.
“Hetero has been very aggressive in buying land in Hyderabad,” said another person aware of the firms’ plans.
It paid Rs 475 crore for 20 acres of land in Raidurg’s IT area from Puravankara Group in 2017.
“Hetero has a joint development partnership with RMZ Corp and K Raheja Group to develop commercial properties in Hyderabad, totaling 20 acres of land,” said one of the people quoted earlier.