Singapore-based Virtuous Retail South Asia Pte Ltd on Wednesday said it has acquired 20-acre land in Mumbai from Raymond for about Rs 700 crore and will invest another Rs 1,700 crore to develop a retail project.
The company, which is the retail arm of private equity firm Xander, announced an "investment of USD 340 million (Rs 2,400 crore) in a retail-anchored project in the Mumbai Metropolitan Region."
Commenting on the deal, Sid Yog, Founder and Chairman of the Board, Virtuous Retail, 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 portfolio into the Mumbai region."
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