Bengaluru: The Indian unit of biopharmaceutical company AstraZeneca is planning to sell its 64-acre manufacturing facility in North Bengaluru as part of a review of its global manufacturing and supply network by its UK-based parent.
The land parcel, expected to fetch about ₹3,400 crore for AstraZeneca Pharma India, has drawn interest from developers including the Sattva Group, Aurobindo Pharma and RMZ. The company is looking to sell it as part of a broader land monetisation strategy.
"AstraZeneca has already shortlisted the three players and is expected to award the land to the winning bidder very soon," said one of the people.
Located in a prime North Bengaluru corridor, the land is valued at more than ₹53 crore per acre as per market experts. While the asset had been tested in the market earlier, deal closures were hindered by elevated pricing expectations.
"The company has previously indicated it would position the facility as a running asset, while seeking a buyer who could also operate as a contract manufacturing organisation for products currently manufactured or packaged at the site, subject to regulatory approvals," said a person aware of its plans. "The firm now wants to exit the land with scope to build commercial and residential projects."
AstraZeneca Pharma, Sattva, Aurobindo Pharma and RMZ could not be reached for comment.
The Bengaluru facility is one of nine global sites of AstraZeneca focused on clinical trial design, safety and efficacy monitoring, and regulatory compliance across product life cycles. AstraZeneca Pharma India, headquartered in Bengaluru, was established in 1979.
The planned divestment comes amid a broader trend of companies and institutions monetising non-core land assets, driven by rising land values in key cities like Mumbai, Delhi, Bengaluru, Hyderabad, Chennai and Pune.
Developers are actively acquiring such parcels to replenish land banks, with players like Godrej Properties and Prestige Group leading transactions in recent quarters.
The land parcel, expected to fetch about ₹3,400 crore for AstraZeneca Pharma India, has drawn interest from developers including the Sattva Group, Aurobindo Pharma and RMZ. The company is looking to sell it as part of a broader land monetisation strategy.
"AstraZeneca has already shortlisted the three players and is expected to award the land to the winning bidder very soon," said one of the people.
Located in a prime North Bengaluru corridor, the land is valued at more than ₹53 crore per acre as per market experts. While the asset had been tested in the market earlier, deal closures were hindered by elevated pricing expectations.
"The company has previously indicated it would position the facility as a running asset, while seeking a buyer who could also operate as a contract manufacturing organisation for products currently manufactured or packaged at the site, subject to regulatory approvals," said a person aware of its plans. "The firm now wants to exit the land with scope to build commercial and residential projects."
AstraZeneca Pharma, Sattva, Aurobindo Pharma and RMZ could not be reached for comment.
The Bengaluru facility is one of nine global sites of AstraZeneca focused on clinical trial design, safety and efficacy monitoring, and regulatory compliance across product life cycles. AstraZeneca Pharma India, headquartered in Bengaluru, was established in 1979.
The planned divestment comes amid a broader trend of companies and institutions monetising non-core land assets, driven by rising land values in key cities like Mumbai, Delhi, Bengaluru, Hyderabad, Chennai and Pune.
Developers are actively acquiring such parcels to replenish land banks, with players like Godrej Properties and Prestige Group leading transactions in recent quarters.
