The Indian government has announced that it has acquired the former Chrysler Building in Bengaluru for Rs.1,100 crore ($15.3 million).
The acquisition comes after Indian conglomerate Hindustan Automotive said last month it would acquire the building for Rs 12,000 crore ($1.6 billion).
The purchase price includes the lease of the building, as well as other facilities such as office space, parking and public spaces.
Hindustans CEO Vijay Mallya, who will head the new company, announced the acquisition on Twitter on Sunday.
India has been trying to expand its automotive sector in recent years, and the country has a population of roughly one billion.
The new site will help to build on that momentum.
The company also plans to develop its existing facilities in the city, which are currently located at a site in the same area.
The building has a heritage value of Rs.100 crore and was built in 1927.
The site is located in the heart of the city and has been a busy site for construction work for decades.