Raymond Ltd is selling a 20-acre land parcel in Mumbai’s Thane area to Xander-backed Virtuous Retail South Asia (VRSA) for Rs 700 crore as part of the textile firm’s ongoing asset monetization plan.
On BSE, Raymond said its associate firm JK investo Trade (India) Ltd (JKIT) has entered into an agreement to sell the Thane land to Elpis Ventures Ltd, an affiliate of VRSA for Rs 700 crore. VRSA is the retail development and investment arm of private equity firm Xander Group.
Located at Raymond Junction adjoining the Singhania School, the land deal will bring significant commercial development in Thane, the company said. “The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders,” said Gautam Hari Singhania, Chairman and managing director Raymond Ltd, in the exchange filing.