CHENNAI: Rane (Madras) Ltd has sold a 3.48-acre land in Velachery, Chennai, to a joint venture firm between Prestige Estates Project Ltd and Arihant Foundations & Housing for Rs 361 crore.

The deal was facilitated by real estate consultant CBRE.

Rane (Madras) Ltd has entered into an agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd, to sell 3.48 acres of land in Velachery, the company said in a regulatory filing on Friday. The deal value is Rs 361.18 crore. The total extent of land in Velachery is 4.50 acres and Rane (Madras) will retain the balance portion of the land, where a new office will be constructed.

“This land monetisation will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long term cost synergies of the merger,” the company said.

Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai.