Billionaire Cyrus Poonawalla, after spending $120 million on a mansion in Mumbai, has delayed moving in for eight years. Due to a dispute over who is the true owner of the land where the property is located, the Indian government has halted the auction.
Highlights
Poonawalla’s $120m Mansion Dispute
Cyrus Poonawalla, a millionaire in the healthcare industry, couldn’t keep quiet after eight years of waiting to move into his $120 million Mumbai home. The building, a former maharajah mansion that served as the US embassy for over fifty years, is situated on a 2-acre parcel of land by the Arabian Sea.
It’s not clear whose property it is because both Maharashtra State, where Mumbai is situated, and the Defense Ministry claim possession. Poonawalla purchased it from the US government in what was the city’s most costly private transaction at the time. Since then, the transaction has been stopped by the Indian government.
Poonawalla stated in an interview in Dubai that the government has not given a justification for delaying the sale, but he does believe that they do not want the significant sum of $120 million to go to the US.
Cyrus P. Blames Govt. for Delayed Property Sale
Mr. Poonawalla, who earned his fortune working for the largest vaccine manufacturer in the world, stated in a recent interview in Dubai that ” the government has not given any justification for delaying the sale.” “According to what I gather, they don’t want this significant sum of money—roughly $120 million—to go to the US. It’s merely a communist and political choice.
Cyrus Poonawalla is a rare example of an Indian tycoon who is ready to criticize the policies of a government that has the support of the business community and is becoming more daring in its crackdown on criticism, even though he didn’t mention PM Modi by name and has usually voiced support for him.
PM Modi has stated that his administration embraces “constructive criticism.” Christopher Elms, a spokesman for the US embassy in India, stated that the US government was collaborating with the Indian government to come to an acceptable conclusion to finish the lease transition of the land.
Poonawalla’s Purchase of Wankaner’s Lincoln House
The Maharajah of Wankaner built the mansion, known as Lincoln House, in 1938. In 1957, he assigned it to the US government on a 999-year contract. The consulate relocated to a 10-acre tract in the city’s northern Bandra-Kurla Complex business area in 2014 due to an increase in demand for visas and placed the property up for sale. According to a 2015 interview, Poonawalla’s family purchased it the following year with plans to use it as a weekend retreat.
Similar conflicts occur at other opulent residences in Mumbai, including Lincoln House. Soon after India won its freedom in 1947, the British Deputy High Commissioner rented it and kept it until 1983. According to the Bloomberg Billionaires Index, Cyrus Poonawalla, 81, has a net worth of about $17 billion because he controls the privately owned Serum Institute of India Ltd.
By mass producing the vaccine created by AstraZeneca Plc and Oxford University as well as the one produced by Novovax Inc. during the pandemic, it turned into a significant provider of Covid-19 inoculations to poor nations. However, obstacles like an export prohibition or a plant fire plagued it, making it difficult for it to fulfill orders.
Poonawalla: Malaria Vaccine and Property Battle
Adar Poonawalla, the son of Mr. Poonawalla and the current CEO of Serum, has been in that position since 2011. Mr. Poonawalla claims that the business has recently begun making a vaccine against the human papillomavirus, and experiments for its malaria vaccine carried out in collaboration with Oxford have shown up to 80% protection against the disease. He added that he wants to keep the company private to avoid the reporting restrictions associated with a public company.
Regarding the malaria shot, he predicted that it would be “a blockbuster product for us.” The tycoon declared that he would continue to battle for Lincoln House. He still resides in Pune, which is about a three-hour journey from Mumbai, the location of Serum’s headquarters and the family’s stud property.
Read More: Cyrus P. Against Cocktail Vaccine; Says No Need to Mix Two Vaccines
