Sanofi India, the Indian arm of the French multinational pharmaceutical company, has decided to put its 150,000 sq ft headquarters in Mumbai’s Powai locality up for sale.The property, which serves as the company’s country headquarters, is expected to fetch approximately Rs250 crore based on current market rates, according to sources familiar with the matter.
In alignment with this strategic move, Sanofi India has already secured an office space in the Vikhroli suburb through a long-term lease. This new office will accommodate the Sanofi Consumer Healthcare division and additional space is being leased to support the company’s growth and relocation of other operations. “The decision to monetise the Powai asset has been under consideration for nearly a year. The new office lease in Vikhroli is a part of this broader strategy,” revealed a source close to the development. Sanofi India acquired the custom-built office building in Powai from L&T Realty in 2013. The building is part of the L&T Business Park, a commercial complex that also houses prominent entities such as JP Morgan and L&T Infotech. Sanofi shifted its headquarters to this location in 2015 from its previous 65,000 sq ft office in Aventis House on Sir Mathuradas Vasanji Road in Andheri. In May 2023, Sanofi’s board of directors approved the demerger of its consumer health business into a separate legal entity, a move aimed at granting the new entity greater autonomy to pursue its growth strategies. Shareholders endorsed this decision in December, and the National Company Law Tribunal, Mumbai, sanctioned the demerger in May 2024. This paved the way for the listing of the new company, Sanofi Consumer Healthcare Ltd, which will operate from the newly leased Vikhroli office, currently under fit-out.
The Indian office sector continues to experience robust growth in demand despite global economic challenges, reflecting strong market fundamentals. Recent data indicates that the office market achieved its best-ever performance in the first half of the year, with gross leasing reaching 33.5 million sq ft, a 29% increase from the previous year. This surpasses the previous first-half record of 30.71 million sq ft set in 2019. Sanofi India’s strategic realignment and asset monetisation are seen as part of its broader efforts to optimise operations and capitalise on growth opportunities in a dynamic market environment. The company’s move to newer, more strategically located premises in Vikhroli underscores its commitment to staying agile and responsive to market conditions, ensuring sustained growth and operational efficiency.
