Lupin's Gupta may sell land at Goregaon

With the realty market picking up, the Guptas, promoters of pharmaceutical company Lupin Ltd, are in talks with builders to sell 5 acres (approximately 2.5 lakh square feet) of land at Goregaon. The Lodha group is believed to be the frontrunner for the deal with an offer of Rs180 crore.

The area, next to The Hub and Raheja Sherwood, a residential colony, off the Western Express Highway, is being used as a car park.

A Lupin spokesperson said the land is not owned by the company. “It is owned by private companies owned by Dr DB Gupta,” the spokesperson said. “We would not like to comment on a private matter.”

Abhishek Lodha, director of the Lodha Group, said no deal has been struck. “We haven’t spoken for the past five months,’’ he said. The Lodhas are currently preparing for an IPO.

Lupin, headquartered in Mumbai, is a pharma firm with a strong
research focus. It has a R&D centre in Pune and is a leading global player in anti-TB drugs, cephalosporins (anti-infectives), and cardiovascular drugs.

Recently, the Khorakiwalas, promoters of pharma company Wockhardt, sold 18 acres of land at Mulund for over Rs350 crore to the Runwal Group and a real estate fund. The land was once owned by Merind, the vitamin B12 maker, which the Khorakiwalas bought from the Tatas in 1998.