Rane (Madras) Limited (RML) has signed a definitive agreement to sell a portion of its land in Chennai for ₹361.18 crore. The deal involves 3.48 acres of prime land located at 154, Velachery Main Road, Velachery, and has been finalized with Canopy Living LLP — a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd.
The total landholding of RML in Velachery spans 4.50 acres. With this transaction, the company will retain the remaining 1.02 acres, where it plans to construct a new office building.
This strategic land monetization is aimed at achieving two key goals: reducing the company’s debt burden and consolidating its city-based offices. The integration of multiple divisional offices into a single space is expected to deliver long-term cost efficiencies, especially in the context of the recent merger.
