Raymond secures redevelopment project in Mumbai, eyes Rs 1,700 cr revenue

Diversified group Raymond Ltd on Monday said its arm has bagged a redevelopment project in Mumbai with an estimated revenue potential of over Rs 1,700 crore.

In a filing with the regulator, Raymond Ltd has informed that ‘Ten West, Mumbai.

“The project, spread over 3.6 hectares, is strategically located in one of Mumbai’s most sought-after residential areas and is estimated to have a revenue potential of over Rs 1,700 crore over the project period,” it added.

The company said it would proceed with this project after internal and external approvals.

“This is in line with the company’s growth plans in real estate development in the Mumbai Metropolitan Region and follows our first project outside Thane, in Bandra East, where we recently started construction,” said Raymond.

Earlier this month, the company said it would invest up to Rs 301 crore in its Ten X Realty Ltd arm.

Raymond Ltd, in a filing with the regulator, said its board has approved investing an amount up to Rs 301 crore in one or more tranches in Ten X Realty Ltd (TXRL).

“Of the said investment, the company will invest up to Rs 125 crore in the form of redeemable preference shares, subject to terms and conditions that may ultimately be determined and agreed upon. The balance of Rs 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL,” it added.

Raymond has a significant presence in the textile and apparel sector and various segments such as consumer care, real estate and engineering in national and international markets.