The Gautam Singhania-owned Raymond Ltd has offered a 20-acre land parcel to Singapore-based Virtuous Retail South Asia, the retail arm of personal fairness agency Xander, for ₹710 crore.
Virtuous Retail on Wednesday introduced an funding of $340 million (₹2,400 crore) in a retail-anchored mission in the Mumbai Metropolitan Region and mentioned it has “acquired a prime 20-acre land parcel from Raymond Ltd for $100 million and will invest an additional $240 million to develop the site”. The Singapore-based agency plans to construct a 3.7-million sq ft mixed-use metropolis centre anchored by a 2.4-million sq ft VR Retail Mall on the website.
The transaction came about by Raymond’s subsidiary JK lnvesto Trade (India) Ltd.
Raymond instructed the inventory exchanges that it “has entered into an agreement for the sale of its property measuring 78,310 square meters (around 20 acres) located at Thane (West) with an affiliate of Virtuous Retail for ₹700 crore subject to payment of taxes, cost of approval as applicable.”
In an interview with BusinessLine in May, Singhania mentioned the corporate will concentrate on promoting worth houses and had no plans to enter business actual property.
Raymond is already creating a 20-acre township in Thane, a land parcel which the corporate had thought-about promoting in the previous.
The land parcel purchased by Virtuous Retail from Raymond had been on the block since October final yr.
It is a component of a bigger 125-acre land parcel that the corporate owns in Thane.