Chennai: Life Insurance Corporation has acquired a 7-acre property from Amrutanjan Ltd for Rs 110 crore. According to information provided by Amrutanjan Ltd to the stock exchange, the company has sold the property at Egattur, about 20 km from Chennai, on the Old Mahabalipuram Road, to Life Insurance Corporation of India. Amrutanjan, a pharmaceutical company and manufacturers of pain balms of that brand, had a portion of its production facility and R&D facility at Egattur, which it has shifted elsewhere. According to Mr Sambhu Prasad, Managing Director, Amrutanjan Ltd, the company is in the process of finalising an expansion plan. It is shifting the 20 kilolitre production facility and the R&D centre from Egattur to a new facility at Alathur, where it has a drug intermediate and custom synthesis facility. For LIC, this is the second major acquisition in Chennai over last one year. Last year it acquired a 3-acre property at Pallavaram, a Chennai suburb, from Hindustan Unilever Ltd for over Rs 60 crore. LIC has announced major plans to exploit its existing real estate holdings and add to its property by acquiring prime property in major urban centres. Both the properties were marketed by Cushman & Wakefield, international property consultants.
Source: The Hindu
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