Raymond subsidiary secures Mumbai housing project, eyes Rs 17 bn

Raymond revealed that its subsidiary, Ten X Realty, had secured the rights for redeveloping a housing society in Mumbai, which holds a revenue potential of Rs 17 billion. Mumbai-based Raymond stated that Ten X Realty (TXRL) had been chosen as the ?Preferred Developer? for the redevelopment of Kumari Jethi T Sipahimalani CHS, also known as Navjivan Society. The society, spanning 3.6 acre in Mahim West, is positioned in one of Mumbai's most desirable residential areas, as per the company's statement. The project's estimated revenue potential is more than Rs 17 billion over the project period. Raymond will proceed with this project after obtaining internal and external approvals as required. Raymond commented, This aligns with the company's growth strategy in real estate development in Mumbai Metropolitan Region and comes after our initial project in Bandra East, outside Thane, where construction recently commenced. Raymond established TXRL as a wholly-owned subsidiary to engage in real estate business. Under a Joint Development Agreement, TXRL has also taken on the redevelopment of a housing society in Bandra, Mumbai. Earlier this month, Raymond's board sanctioned an investment of up to Rs 3.01 billion in one or more installments in TXRL. The company plans to invest Rs 1.25 billion in the form of Redeemable Preference Shares, with the remaining Rs 1.76 billion provided as an Inter Corporate Deposit (ICD) to TXRL.