Raymond's Ten X Realty lands Mumbai redevelopment project valued at Rs 1,700 crore

Raymond Ltd announced on Monday that one of its subsidiaries, Ten X Realty Ltd, has secured a redevelopment project in Mumbai, with an expected revenue potential of more than Rs 1,700 crore. The company disclosed this in a regulatory filing, stating that Ten X Realty Ltd 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. The project spans 3.6 acres and is strategically located in a highly desirable residential area of Mumbai, with an estimated revenue potential exceeding Rs 1,700 crore over the project's duration.

Raymond Ltd stated that it will move forward with the project after obtaining the necessary internal and external approvals. This aligns with the company's growth strategy for real estate development in the Mumbai Metropolitan Region and follows their first project outside Thane, in Bandra East, where construction has recently commenced.

Earlier in the month, the company revealed its intention to invest up to Rs 301 crore in Ten X Realty Ltd. In a regulatory filing, Raymond Ltd informed that their board has given the green light to invest up to Rs 301 crore in Ten X Realty Ltd (TXRL). Out of this investment, up to Rs 125 crore will be allocated in the form of redeemable preference shares, subject to final terms and agreements. The remaining Rs 176 crore will be invested by providing an Inter Corporate Deposit (ICD) to TXRL.

Raymond has a presence in the textile and apparel sector, as well as various other segments, including consumer care, realty, and engineering, both in domestic and international markets.

(With PTI Inputs)