Rane (Madras) (NSE:RML, BOM:532661) has agreed to sell 3.48 acres of its 4.50-acre land parcel in Tamil Nadu, India, to Canopy Living, a joint venture between Arihant Foundations & Housing (NSE:ARIHANT, BOM:531381) and Prestige Estates Projects (NSE:PRESTIGE, BOM:533274), according to a Friday filing on the Indian bourses.
The company will retain the remaining Velachery land for constructing a new office, the filing said.
The move is aimed at reducing debt and consolidating city offices to unlock long-term cost synergies post-merger, it added.
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