Mallya's Bayer Crop sells Thane land for Rs 1,250 cr

Bayer Crop Science has sold its 104 acre land parcel at Thane in the outskirts of Mumbai for Rs 1,250 crore to Agile Real Estate. The company was manufacturing crop production products in the Thane factory.

Bayer entered into a non-binding agreement with Agile Real Estate in March last year after receiving an earnest money and advance of Rs 520 crore. Bayer and Agile Real Estate agreed on a valuation of Rs 1,250 crore for the property. The first manufacturing unit of Bayer was set up in Thane in 1969.

Bayer Crop Science business in India is divided into three groups -- crop protection, environmental science and bioscience. Its crop production products include insecticides, fungicides, herbicides, seed treatment and plant growth regulators. Other units in Thane

Though the company had budgeted capex of Rs 66 crore for this fiscal, it prefers to source from contract manufacturing units since it is more efficient and economical, said Vijay Mallya, Chairman (non-executive and independent), Bayer Crop Science, at the company’s recent AGM.