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Rane (Madras) Ltd finalised the sale of a 3.48-acre plot in Velachery, Chennai, to Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing for INR 361 crore. The strategic monetisation, facilitated by CBRE, is part of Rane's broader plan to reduce debt and streamline its city office operations. The remaining 1.02 acres of the 4.5-acre site will be retained by Rane (Madras) for setting up a new office.
Rane (Madras) Ltd, a company within the Chennai-based Rane Group of Companies, has divested a substantial portion of its landholding in Velachery, Chennai. The firm entered into an agreement with Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd to sell 3.48 acres of land for INR 361.18 crore. Advertisement
This transaction was orchestrated by real estate consultancy firm CBRE, with the company revealing the details through a regulatory filing made during the past week. Out of the total 4.5 acres owned by Rane (Madras) in Velachery, 1.02 acres will be retained for the construction of a new consolidated office facility.
A company spokesperson conveyed that this land monetisation initiative is aimed at achieving dual goals: significantly reducing outstanding debt and consolidating operations by relocating various city-based divisions into a single, unified space. This move is also expected to generate long-term cost advantages arising from recent merger activities within the group.
Rane (Madras) Ltd is a well-established supplier of automotive components such as suspension and steering systems, brake parts, engine elements, and light metal castings, catering to both domestic and international OEMs as well as the aftermarket sector.
By leveraging its land assets in a rapidly developing locality like Velachery, the company is creating room for organisational consolidation while paring down liabilities. For Prestige Estates and Arihant, this acquisition strengthens their presence in Chennai's real estate landscape, hinting at future urban development in the region.
Source - PTI
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