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.

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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.