New Delhi: Textile main Raymond introduced its foray into the actual property section on Wednesday.

The Raymond group has arrange a brand new division known as ‘Raymond Realty’ for its maiden enterprise into the actual property sector, in accordance with an organization assertion.

Textile major Raymond forays into real estate business as company plans to monetise land at Thane

Gautam Singhania, chairman and managing director, Raymond. Reuters

“In our continued efforts to enhance value for stakeholders, Raymond has forayed into real estate development in order to monetise the land at Thane,” Raymond Chairman and MD Gautam Hari Singhania stated.

The land parcel is within the coronary heart of Thane and gives a great potential for venturing into the actual property sector, he added.

The primary section of the challenge will home 3,000 residential models throughout 10 towers.

“In phase 1, Raymond Realty is expected to achieve a top line of over Rs 3,500 crore with a profit margin of over 25 percent during a period of five years,” the corporate stated.

Raymond is a diversified group with majority enterprise pursuits in textile and attire sectors in addition to presence throughout numerous segments comparable to FMCG, Engineering and Prophylactics in nationwide and international markets.

Raymond has one of many largest unique retail networks within the nation with over 1,000 shops throughout 400 cities.

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