Textile company Raymond is set to venture into the real estate sector. The initial project planned by the company involves developing the surplus land of approximately 15-20 acres located in Thane, where its factory is situated.
Project Details
- Primary Focus: The residential segment
- Funding: Internal accruals
Statement by Raymond's Chairman
Mr. Gautam Singhania, Chairman and Managing Director of Raymond, stated during a press conference, "This proposal is in line with the strategy of the company to unlock value of the land." He further emphasized that the project is contingent upon shareholders' approval.
Strategy and Approval
The company aims to leverage the value of its land assets through this development. The execution of the project will depend on the approval from the shareholders, ensuring a strategic move for Raymond in the realty sector.