Embassy to buy AstraZeneca land in Hebbal for Rs 290 crore

Realty major Embassy Group, owners of the biggest business parks in the city, is in advanced talks to buy a 12-acre land parcel near Hebbal from drug maker AstraZeneca for Rs 290 crore, people directly familiar with the matter, said. Billionaire Jitu Virwani-led Embassy is expected to pay Rs 24 crore per acre to acquire the land from the British company, which is monetising the real estate after shutting down its R&D centre there. AstraZeneca was involved in the development and drug discovery research of tropical diseases but closed down the centre as part of a realignment of its global research functions.

Read more: Economic Times