India: Raymond sells 20 acre land parcel in Mumbai to Xander-backed VRSA

Residential and commercial buildings stand in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

Raymond Ltd is selling a 20-acre land parcel in Mumbai’s Thane area to Xander-backed Virtuous Retail South Asia (VRSA) for 700 crore as part of the textile firm’s ongoing asset monetization plan.

In a filing to the BSE, Raymond said its associate firm JK lnvesto Trade (India) Ltd (JKIT) has entered into an agreement to sell the Thane land to Elpis Ventures Ltd, an affiliate of VRSA for 700 crore.

VRSA is the retail development and investment arm of private equity firm Xander Group.

Located at Raymond Junction adjoining the Singhania School, the land deal will bring significant commercial development in Thane, the company said. “The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders,” said Gautam Hari Singhania, chairman and managing director Raymond Ltd, in the exchange filing.

In March this year, the company had announced entering into the real estate development business with the launch of a residential project within the vicinity.

Raymond owns 125 acres of land in Thane and has been looking at ways to monetise the asset by conducting an outright sale or developing it in a phased manner. “Given the fact that our residential project, ‘Raymond Realty’ is underway, this development will ensure a vibrant real estate eco-system within its vicinity offering home buyers a better choice,” Singhania said.

“Prime land parcels of this size seldomly trade, especially in major metropolitan markets like Mumbai. We have been waiting patiently for the ideal opportunity to expand our award-winning portfolio into the Mumbai region and are delighted to embark on the development of aVR flagship center in the city as part of a larger master-planned development promoted by a like-minded partner like Raymond, ” Sid Yog, founder and chairman of the board, VRSA, said.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.