The company has entered into a definitive agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) for the sale of the land.
Rane has 4.50 acres of land in Velachery.
Rane will retain the remaining portion of the land. According to a release, Rane plans to construct its office in the remaining unsold portion of the land.
This land monetisation will help RML reduce its debt and integrate the city offices of various divisions to unlock the long-term cost synergies of the merger, claims a release from the company.
