Rane (Madras) Ltd's Landmark Land Deal with Prestige and Arihant

In a significant real estate transaction, Rane (Madras) Ltd has sold a 3.48-acre plot in Velachery, Chennai, to a joint venture involving Prestige Estates Projects Ltd and Arihant Foundations & Housing for Rs 361 crore.

The transaction, facilitated by real estate consultant CBRE, is designed to help Rane (Madras) Ltd reduce its debt levels. Furthermore, the company aims to consolidate its various divisions into a single city office to optimize long-term operational costs.

Despite selling a portion of its land, Rane (Madras) Ltd, a leading player in the auto components industry, will retain 1.02 acres in Velachery for the construction of new office facilities. This strategic move underscores the company's commitment to operational efficiency and growth.

(With inputs from agencies.)