Rane (Madras) Ltd Sells 3.48-Acre Chennai Land for Rs 361 Crore
Rane (Madras) Ltd has sold a 3.48-acre plot in Velachery, Chennai, to a joint venture between Prestige Estates Project Ltd and Arihant Foundations & Housing for Rs 361 crore, facilitated by real estate consultant CBRE.
Real EstateRane Madras LtdLand SaleChennaiPrestige EstatesReal EstateJun 28, 2025
The transaction was officially confirmed in a regulatory filing by Rane (Madras) Ltd on Friday. According to the filing, the company has entered into an agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd, to sell the land. The total value of the deal is Rs 361.18 crore.
The land in question is part of a larger 4.50-acre plot in Velachery. After this sale, Rane (Madras) Ltd will retain the remaining portion of the land, where they plan to construct a new office. This move is part of the company's broader strategy to reduce debt and integrate city offices of various divisions, aiming to unlock long-term cost synergies from the merger.
Rane (Madras) Limited (RML) is a significant player in the auto component industry, forming a crucial part of the Rane Group of Companies, which is headquartered in Chennai. The Rane Group is known for its robust presence in the automotive sector and has been a leader in providing high-quality components and services to both domestic and international markets.
The sale of this land is a strategic step towards financial consolidation and operational efficiency. By monetizing the land, Rane (Madras) Ltd aims to strengthen its financial position and enhance its operational capabilities. The integration of city offices is expected to streamline operations, reduce costs, and improve overall efficiency, which are critical factors in today's competitive business environment.
Real estate consultant CBRE played a pivotal role in facilitating this deal, leveraging its expertise in the real estate market to ensure a smooth and successful transaction. CBRE's involvement underscores the importance of professional real estate services in large-scale transactions, particularly in the highly competitive and rapidly evolving market of Chennai.
In conclusion, the sale of the 3.48-acre land in Velachery by Rane (Madras) Ltd to the joint venture between Prestige Estates Project Ltd and Arihant Foundations & Housing for Rs 361 crore is a strategic move that aligns with the company's financial and operational goals. This transaction not only helps in reducing debt but also paves the way for future growth and efficiency in the company's operations.
Frequently Asked Questions
What is the total value of the land sale?
The total value of the land sale is Rs 361.18 crore.
Who facilitated the land sale?
The land sale was facilitated by real estate consultant CBRE.
How much land will Rane (Madras) Ltd retain after the sale?
Rane (Madras) Ltd will retain the remaining portion of the 4.50-acre plot, where they plan to construct a new office.
What are the strategic objectives of this land sale for Rane (Madras) Ltd?
The strategic objectives of this land sale include reducing debt and integrating city offices of various divisions to unlock long-term cost synergies from the merger.
Who are the buyers of the land?
The buyers of the land are Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd.
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