Rane (Madras) Limited announced that its Board of Directors approved the sale of 3.48 acres of surplus land located at Velachery, Chennai, during a board meeting held today. The land parcel represents a portion of the company's total 4.5-acre holding at 154, Velachery Main Road, Velachery, Chennai, Tamil Nadu.
The buyer has been identified as Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited. The buyers do not belong to Rane (Madras) Limited's promoter group or associated companies, according to the disclosure filed with stock exchanges.
The transaction will proceed outside the company's Scheme of Arrangement, with shareholder approval having been obtained on May 29, 2025.
Key commercial terms and definitive agreements remain under finalization, with the company stating that consideration amounts and completion dates will be updated upon execution of binding agreements. The company confirmed that the transaction does not constitute a related party transaction.
Rane (Madras) Limited operates in the automotive sector, producing steering and suspension components. The company supplies parts to vehicle manufacturers and aftermarket segments. It engages in manufacturing and distribution, serving domestic and international markets. Established in India, Rane (Madras) Limited participates in the automotive supply chain through production and sales.