In Mumbai, Raymond Arm signs deal to renovate a housing property
Raymond Arm signs deal – Raymond’s, a textile and apparel company, stated on Tuesday that a wholly-owned subsidiary has inked a deal to renovate a residential property in Mumbai.
In a regulatory filing, the business stated, “This is to advise that “Ten X Realty Limited,” the Company’s step-down fully owned subsidiary, has today signed a binding term agreement for collaborative redevelopment of a residential property in the western suburban district of Mumbai.”
According to the company, the project has a revenue potential of roughly Rs 2,000 crore over the next five years. This is in accordance with the business’s expansion strategy, which includes expanding its Realty frontiers outside Thane, according to the company.
Raymond established a step-down company, Ten X Realty Ltd (TXRL), in December of last year to carry on real estate activity for the development of land and properties in Thane, Maharashtra.
Raymond’s Board of Directors approved and passed an enabling resolution to infuse funds up to Rs 150 crore in multiple tranches over a period of time in order to fund and capitalize TXRL.
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