Raymond secures Mumbai redevelopment project

Raymond Ltd, a diversified conglomerate, announced on Monday that its subsidiary has won a redevelopment project in Mumbai, with an estimated revenue potential exceeding Rs 1,700 crore.

In a regulatory disclosure, Raymond Ltd reported that 'Ten X Realty Ltd, a wholly-owned subsidiary of the company, has been chosen as the preferred developer for the redevelopment of Kumari Jethi T Sipahimalani CHS Ltd (also known as Navjivan Society) situated in Mahim West, Mumbai.

Spanning 3.6 acres, the project holds a strategic location in one of Mumbai's highly sought-after residential areas and is estimated to generate revenue in excess of Rs 1,700 crore over the project's duration.

The company stated that it would proceed with the project after obtaining internal and external approvals.

Raymond stated, "This aligns with the company's expansion strategy in real estate development within the Mumbai Metropolitan Region and follows our first project outside Thane, in Bandra East, where construction recently commenced."

New investment in Tex X Realty

Earlier this month, the company disclosed its intention to invest up to Rs 301 crore in its subsidiary, Ten X Realty Ltd. Raymond Ltd had communicated through a regulatory filing that its board had approved an investment of up to Rs 301 crore in one or more tranches in Ten X Realty Ltd (TXRL).

Out of this investment, up to Rs 125 crore would be in the form of redeemable preference shares, subject to the final terms to be determined. The remaining Rs 176 crore would be invested by providing an Inter Corporate Deposit (ICD) to TXRL.

Raymond holds a significant presence in the textile and apparel sector, along with diversified segments encompassing consumer care, real estate, and engineering, both in the domestic and international markets.

(With PTI Inputs)