Rane (Madras) enters agreement to sell land parcel in Velachery, Chennai

Rane (Madras) entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd) to sell 3.48 acres of land in Velachery. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed.

This land monetization will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long term cost synergies of the merger.