Pfizer sells Chandigarh property for Rs 278cr

New Delhi, Mar 18 (UNI) Pfizer Ltd, subsidiary of the US-based Pfizer Inc, has sold its property in Chandigarh for a total consideration of Rs 278 crore.

The company said it has already received an advance of 10 per cent of the proceeds, amounting to Rs 27.8 crore and the same was accounted in the quarter ended November 30, 2006.

The plant was sold on ''as is where is'' basis to C S J Infrastructure Pvt Ltd, it added. The assets comprised of land and building, plant and machinery, furniture and fixtures and movables.

The Chandigarh plant stopped operations in November 2003 and all the permanent employees had opted for Voluntary Retirement Scheme (VRS).

UNI