Raymond ventures into real estate development business

Raymond has started a new division Raymond Realty, venturing into the real estate development business. Textile major owns nearly 125-acre contiguous land parcel at Thane’s Cadbury Junction and is planning to monetize it through its new business venture.

Raymond has carved out a 20-acre land parcel of the total land holding for its maiden real estate development project. The branded apparel major will develop a nearly 3 million sq ft residential project on it.

K Mukund Raj, President & CEO (Real Estate business), Raymond, said, "Given the historical land bank we have, we have decided to enter into real estate development on our own. This is the best option available with us to enhance the shareholders’ value. We are also open to other options that would help in value creation and maximize the returns for all stakeholders."