Raymond to enter real estate biz
Textile major Raymond has announced plans to enter the real estate development business to leverage its surplus land bank. As part of its initial foray, the Mumbai-based company will develop residential units on approximately 20 acres at its 160-acre Thane unit which also hosts a school and a hospital.
Making the announcement at a media conference, the company’s CMD Gautam Singhania said that Raymond would develop surplus land at Thane that was not part of its factory operations. He added that the decision to enter the realty domain had been approved by the company’s board and a separate team had been formed to work on the new business model.