Novartis India picks up 8.7 lakh square feet Office Space in Hyberabad
Pharmaceutical firm Novartis has picked up 8.7 lakh square feet of office space in Hyderabad in a bid to consolidate its operations in the city.
The new office space will have seating capacity for more than 8,000 employees. The Indian arm of the Switzerland-based pharmaceutical company, Novartis inaugurated its first technology centre in 2007 and has over 2,300 employees working on various functions like drug development, medical operations, commercial operations and finance, technology support.
Novartis is present in India through Novartis India, listed on the BSE, and its wholly owned subsidiaries Novartis Healthcare, Sandoz Private and Chiron Behring Vaccines.
Hyderabad has emerged as a hub for many companies, including Microsoft, Facebook, Google and India’s IT firms Tech Mahindra, Infosys and Tata Consultancy Services.
Around 3.9 million square feet additional office space was absorbed in Hyderabad last year, about 32% higher than in 2012. However, overall vacancy in the first three quarters remained more or less stable at around 17.5%, Cushman & Wakefield, an international real estate property consultancy.
More on Hyderabad Real Estate News & Updates