Rane (Madras) sells 3.48-acre land in Chennai to Prestige Group's JV firm for Rs 361 crore
Rane (Madras) Ltd has sold a 3.48-acre land in Velachery, Chennai to a joint venture firm between
Prestige Estates Project Ltd
and Arihant Foundations & Housing for Rs 361 crore.
The deal was facilitated by
real estate consultant CBRE
.
Rane (Madras) Ltd has entered into an agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Ltd, to sell 3.48 acres of land in Velachery, the company said in a regulatory filing on Friday.
The deal value is Rs 361.18 crore.
The total extent of land in Velachery is 4.50 acres and Rane (Madras) will retain the balance portion of the land, where a new office will be constructed.
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"This
land monetisation
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," the company said.
Rane (Madras) Limited (RML) is part of the
Rane Group of Companies
, a leading auto component group based out of Chennai.
RML supplies its products to major OEMs and aftermarket in India and abroad. It manufactures various automotive products, viz. steering and suspension systems, brake components, engine components, and light metal casting components.
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