The Raymond Group has received a new project that could potentially generate up to INR 1,700 crore in revenue. The project involves the rehabilitation of the Navjivan Society on Mori Road in Mahim.
TXRL, a wholly-owned subsidiary of Raymond Ltd., was picked to redevelop Kumari Jethi T. Sipahimalani CHS Ltd., also known as the Navjivan Society. The society is situated on 3.6 acres and was chosen by TXRL after competing with several other builders. This marks TXRL's second project outside of Thane. Its first project is located in Bandra (East).
Earlier this month, Raymond Ltd. announced that it would invest up to INR 301 crore in TXRL. The investment will be made in one or more tranches, according to a regulatory filing by Raymond Ltd.
The company plans to allocate up to INR 125 crore in redeemable preference shares within the aforementioned investment. The remaining INR 176 crore will be provided to TXRL as an inter-corporate deposit (ICD).
Raymond is a well-known name in various industries, both domestically and internationally. It has made its mark in consumer care, real estate, engineering, textiles, and apparel.
The Navjivan Society was established in 1956 by Jethi Sipahimalani, a freedom fighter and lawmaker. The society was created to house Sindhi refugees who had been uprooted from Pakistan during the split.
Raymond has been creating a buzz in the industry for sometime. Recently, it came under scrutiny by the Directorate General of GST Intelligence (DGGI). The DGGI is allegedly investigating a recent transaction between Raymond and Godrej.
Godrej Consumer Products announced earlier this year that it had reached an agreement to buy Raymond Consumer Care Limited's FMCG business. However, the GST authorities have contacted Raymond Consumer Care to provide an explanation for why the transaction amount of the agreement should not be subject to GST.
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