Virtuous buys land from Raymond for Rs 700 crore; to invest Rs 1,700 crore more on project

Virtuous Retail South Asia Pte Ltd has announced acquiring 20-acre land in Mumbai from Raymond for about Rs 700 crore. The Singapore-based company will invest another Rs 1,700 crore to develop a retail project.

Retail arm of private equity firm Xander, Virtuous Retail South Asia Pte Ltd, announced an “investment of US$ 340 million (Rs 2,400 crore) in a retail-anchored project in the Mumbai Metropolitan Region.”

In a statement, Virtous Retail said that it has “acquired a prime 20-acre land parcel from Raymond Ltd for US$ 100 million and will invest an additional US$ 240 million to develop the site”.

The company would build a 3.7 million sq ft mixed-use city centre anchored by a 2.4 million sq ft VR Retail Mall. Raymond Ltd has informed exchanges that its arm JK lnvesto Trade (India) Ltd has entered into an agreement for sale of its property measuring 78,310 sq meters (around 20 acres) located at Thane (West) with an affiliate of Virtuous Retail for Rs 700 crore subject to payment of taxes, cost of approval as applicable.

According to Sid Yog, Founder and Chairman of the Board, Virtuous Retail, “Prime land parcels of this size seldomly trade, especially in major metropolitan markets like Mumbai. We have been waiting patiently for the ideal opportunity to expand our portfolio into the Mumbai region.”

Image Credit : images.financialexpress.com

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