Rane (Madras) signs agreement to sell 3.48 acres land in Valechery

Rane (Madras) 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. 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.