Pharma major GlaxoSmithKline Pharmaceuticals Ltd has sold its Worli plot for Rs 107.6 crore (Rs 1.08 billion) to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions.

The company's board has approved the sale of GSK's plot admeasuring 1,79,650 sq ft area while retaining another plot at the site for use as its registered and corporate office.

There were four bidders for the plot located in the Mumbai Central area and GSK also intends to dispose of the Mulund plant of Burroughs Wellcome India Ltd following the Worli sale process, GSK said in a statement on Saturday.
 
This plot was surplus to the company's needs after operations at its Worli factory were wound up pursuant to a voluntary retirement scheme.

The transaction was expected to be completed within five months after the necessary government approvals.

GSK managing director S Kalyanaundaram said the transaction was executed through a transparent and structured process.