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May 1, 2001 		Feedback  
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Novartis, Ciba to sell Bombay property

Indian drugmaker Novartis India Ltd and chemicals firm Ciba Specialty Chemicals India Ltd said on Monday that they had signed agreements to sell their properties in Bombay.

Novartis will receive Rs 725 million ($15.47 million) in instalments over four years and Ciba will receive a lump sum of Rs 203 million for its property, the companies said.

The buyer in both cases is Kingston Properties Private Ltd.

The two tracts of real estate adjoin each other.

Novartis is owned 51 per cent by Swiss drugs major Novartis AG, and Ciba Specialty India is held 51 per cent by another Swiss firm Ciba Specialty.

Novartis shares closed up 0.74 per cent at Rs 264.40 and Ciba Specialty's shares lost 4.36 per cent to close at Rs 49.25. The Bombay benchmark index gained 2.82 per cent.

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