Piramal Healthcare closes Thane plant

Piramal Healthcare would formally close its Vitamin-A factory in adjoining Thane. The unit is sited on 40 acres and the company plans to take advantage of the realty boom in Thane. The company would soon formally approach the Thane civic body to seek clearance for conversion of the land from industrial use to residential-cum-commercial.

The group has stake in Sunteck Piramal Realty, which is developing projects in the Bandra Kurla Complex and some other places in Mumbai. The group has a real estate fund called Indiareit, which manages Rs 1,900 crore in two domestic funds and an international fund. Recently, it raised Rs 400 crore for a new fund.