Pfizer disposes Chandigarh Property for Rs.278 Crores

Pfizer Ltd has announced that the Company has disposed off its Chandigarh property "on as is where is" basis to M/s. C S J Infrastructure Pvt Ltd. for a total consideration of Rs 278 Crores. Out of a said consideration, the Company had already received an advance of Rs 27.8 Crores, being 10% as initial advance and the same was accounted in the Quarter ending November 30, 2006.

The Chandigarh Plant of the Company stopped operations in November 2003 and all the permanent employees had opted for VRS. The assets comprising of Land & Building, Plant & Machinery, Furniture & Fixtures, Movables, were shown as "Assets held for Disposal" in the Balance Sheet of the Company since then.

Source : Equity Bulls

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