Fashion and textile retailer Raymond Ltd said on Wednesday that its associate company JK Investo Trade (JKIT) India Ltd has entered into an agreement with Virtuous Retail South Asia (VRSA) to sell about 20 acres of property in Thane (West) for Rs 700 crore.
The land parcel at Raymond Junction adjoining the Singhania School has a significant advantage in terms of its location. JKIT said the deal is seen to be iconic as it will bring in significant commercial development in Thane.
"The sale of JKIT land parcel is a major step towards our strategy of asset monetisation and value creation for our shareholders," said Gautam Hari Singhania, Chairman and Managing Director of Raymond Ltd.
"I am delighted to state that this land deal, which is a large foreign direct investment in terms of real estate in Thane will bring in the much required state-of-the-art commercial and retail development and will lead to multiple job creation along with sustainable long-term employment opportunities," he said in a statement.
Commenting on the acquisition, Sid Yog, Founder and Chairman of the VRSA board, 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."
Yog said the company envisions a vibrant, 24/7, people-centric development that will draw upon the heritage and history of the region, bolster tourism, create thousands of new jobs, and make a major contribution to the local economy and community."
Sponsored by investment firm Xander Group Inc, VRSA has been developing and managing community-oriented retail and lifestyle centres in Chennai, Bengaluru, Punjab and Surat for the past 12 years.
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