Sanofi India said its board of directors has approved selling its commercial space of five floors and linked car parkings in Hoechst House at Nariman Point, Mumbai, to Bright Star Investments Pvt Ltd and its group companies for Rs 134.26 crore.

Each floor has a carpet area of 7,442 sqft. All the floors are on leave and licence basis to third parties as of now.

The transaction is expected to be completed in the third quarter of this fiscal, Sanofi said in a communiqué to the stock exchanges.