Sanofi's Indian subsidiary is selling its 150,000 sq ft Powai headquarters, acquired in 2013 and occupied in 2015, for around INR 250 crore as part of its asset monetisation strategy. The company has leased a new office in Vikhroli for Sanofi Consumer Healthcare, recently demerged to operate independently. This move supports future growth and operational needs. Managing Director Rodolfo Hrosz emphasised Sanofi's commitment to India, highlighting plans to launch one or two new products annually. The Indian office market is booming, with a record 33.5 million sq ft leased in the first half of the year, reflecting strong demand and economic resilience.
Sanofi's Indian subsidiary is selling its standalone headquarters property in Mumbai's Powai area, which spans 150,000 sq ft. This property, which the company acquired from L&T Realty in 2013 and occupied in 2015, is expected to be sold for approximately INR 250 crore. The decision to sell this asset has been under consideration for about a year and aligns with the company's broader strategy to monetise assets and optimise its operations. Sanofi moved its India headquarters to the Powai property in 2015 from its previous 65,000-sq-ft office at Aventis House in Andheri.
In parallel with this sale, Sanofi has secured a long-term lease for a new office in Vikhroli, another Mumbai suburb. This new space will primarily house Sanofi Consumer Healthcare, a division that was recently demerged from the parent company. The demerger, aimed at giving Sanofi Consumer Healthcare the autonomy to pursue its own growth strategies, was approved by Sanofi India's board in May 2023 and received shareholder approval in December 2023. The National Company Law Tribunal, Mumbai, sanctioned the demerger in May 2024, allowing the new entity, Sanofi Consumer Healthcare Ltd, to operate independently.
The Vikhroli office, which is currently undergoing interior fit-outs, will soon be ready for occupancy. This move to Vikhroli is part of a larger relocation and expansion strategy for Sanofi India, accommodating future growth and operational needs.
Sanofi India's Managing Director, Rodolfo Hrosz, has publicly affirmed the company's commitment to the Indian market. He emphasised India's importance due to its large population and the significant talent pool available. Hrosz mentioned that Sanofi plans to introduce one or two new products from its innovation portfolio into the Indian market each year.
The Indian office sector is experiencing strong growth, with a record leasing of 33.5 million sq ft in the first half of the year, a 29% increase from the previous year. This increase reflects strong demand fundamentals and resilience against global economic headwinds, surpassing the previous first-half record of 30.71 million sq ft set in 2019.
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