Textiles major Raymond Ltd on Monday announced that its step-down subsidiary, Ten X Realty Ltd, has bagged the rights for the redevelopment of a housing society in Mumbai with a revenue potential of ₹1,700 crore.

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Mumbai-based Raymond in a filing to exchanges stated that Ten X Realty Ltd (TXRL) has been selected as the ‘Preferred Developer’ for the redevelopment of Kumari Jethi T Sipahimalani CHS Ltd, which is also known as Navjivan Society.

The society, spread across 3.6 acres, is located in Mahim West. The company mentioned that the project is located in one of the most sought-after residential areas of Mumbai.

The project is estimated to have a revenue potential of more than ₹1,700 crore over the project period.

Raymond will pursue this project post internal and external approvals, as required.

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

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Raymond has formed TXRL as a step-down wholly owned subsidiary with an object to undertake real estate business.

TXRL has also undertaken redevelopment of a housing society in Bandra, Mumbai, under Joint Development Agreement.

Raymond early this month had announced that its board approved an investment of up to ₹ 301 crore in one or more tranches in TXRL.

The company will invest up to ₹125 crore in the form of Redeemable Preference Shares and the balance amount of ₹ 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL.

Raymond is involved in numerous businesses and has a portfolio of well-known brands in textiles, apparel, denim, consumer care, engineering and real estate.

Raymond shares were trading marginally up 0.08% at ₹1745.20 on BSE at 10.07 AM.

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(Edited by : Asmita Pant)

First Published:Oct 30, 2023 11:56 AM IST