Premium textile manufacturer Raymond Ltd is getting into real estate business, following the footsteps of several old economy companies.
The company has announced plans to develop 15 to 20 acres of surplus mill land at Thane. The board of directors of the company on Thursday approved this at meeting held in Mumbai.
“This is in line with the strategy of the company to unlock value of the land,” said Gautam Singhania, chairman & managing director, Raymond Ltd. This is subject to approval of shareholders through postal ballot and other regulatory approvals.”
“We have taken a conscious decision to develop the land on our own and this will unlock maximum value. We will roll out our plan as we progress,” Singhania said.
He did not divulge the total land size at Thane but said the textile factory would continue. The factory was set up in 1925.
“We are setting up an in-house team to venture into this new business and at this stage we will be purely into residential real estate development,” he said.