Rane (Madras) enters into agreement to sell land parcel in Velachery
The company has entered into an agreement with Canopy Living LLP
Rane (Madras) (RML) has entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing and Prestige Estates Project) to sell 3.48 acres of land in Velachery, Chennai, Tamil Nadu, India, for a consideration of Rs 361.18 crore.
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.
Rane (Madras) (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML is a preferred supplier to major OEMs and Aftermarket in India and abroad.
