Diversified group Raymond Ltd on Monday said its arm has bagged a redevelopment project in Mumbai with an estimated revenue potential of over Rs 1,700 crore.
In a regulatory filing, Raymond Ltd informed that 'Ten X Realty Ltd, a step-down wholly-owned subsidiary of the company, has been selected as the preferred developer for redevelopment of Kumari Jethi T Sipahimalani CHS Ltd (also known as Navjivan Society) located in Mahim West, Mumbai.
"Spread across 3.6 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs 1,700 crore over the project period," it added.
The company said it would pursue this project post internal and external approvals.
"This is in line with the company's growth plans of real estate development in the Mumbai Metropolitan Region and follows our first project outside Thane, in Bandra East, where we recently commenced construction," Raymond said.
Earlier this month, the company said it would invest up to Rs 301 crore in its arm Ten X Realty Ltd.
Raymond Ltd, in a regulatory filing, had informed that its board has approved to "invest an amount up to Rs 301 crore in one or more tranches in Ten X Realty Ltd (TXRL).
"Out of the said investment, the company will invest up to Rs 125 crore in the form of redeemable preference shares which would be subject to such terms as may be finally decided and agreed. The balance amount of Rs 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL," it added.
Raymond has a significant presence in the textile and apparel sector and diverse segments such as consumer care, realty, and engineering in national and international markets.