On Tuesday, Raymond said that it had incorporated a step-down subsidiary Ten X Realty Ltd (TXRL), to carry on real estate business to develop land and properties at Thane, Maharashtra.

• NTPC Green Energy Adds 50 MW Solar Power in Rajasthan
• Coffee Day Enterprises Settles Rs 25 Cr Loan With Kemfin
• GST Collections Rise 14.7% to Rs 2.04 Lakh Crore in September
• GPT Infraprojects Bags Rs 385 Cr South Africa Rail Order
• Cabinet Backs Rs 1.86 Lakh Cr Plan for Green Power Grid

TXRL has been incorporated with the object to undertake real estate business, Raymond said in a regulatory filing.

“A new Company by the name of Ten X Realty Ltd has been incorporated as a step subsidiary of Raymond Ltd with an object to carry on real estate business for development / joint development of land and properties other than existing properties of the Company situated at Thane, Maharashtra,” the company said.