Rane Madras Limited, a key player in the Indian automotive components industry and part of the Rane Group, has made a strategic move to divest a significant non-core asset. The company has sold a 3.48-acre land parcel in Velachery, Chennai, for a whopping ₹361.18 crore. This monetization of idle real estate assets is aimed at boosting the company’s financial flexibility and streamlining its operational focus on its core manufacturing businesses.
The buyer of the land is Canopy Living LLP, a joint venture (JV) between two major real estate developers:
Arihant Foundations & Housing Ltd (Chennai-based developer known for residential and commercial projects)
Prestige Estates Projects Ltd (one of South India’s leading real estate firms)
This powerful JV is expected to bring both the experience and capital needed to transform the strategic Velachery location into a landmark real estate project.