Raymond Ltd. said its unit has won the contract for a redevelopment project in Mumbai.
Ten X Realty Ltd., Raymond's step-down wholly owned subsidiary, has been selected as the preferred developer for redevelopment of Kumari Jethi T Sipahimalani CHS Ltd., also known as Navjivan Society, located in Mahim West, the company said in an exchange filing on Monday.
Spanning 3.6 acres, the project has a revenue potential of Rs 1,700 crore, the filing said. The company will pursue the project after receiving the required internal and external approvals.
The project is in line with the company's growth plans of real estate development in Mumbai Metropolitan Region and follows its first project outside Thane, in Bandra East.
Raymond shares were trading 0.39% higher at Rs 1,748.25 apiece after opening at Rs 1,759.55 per share. The benchmark NSE Nifty was down 0.35%.
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