Bahl, however, added that the board of directors will take a decision on the utilisation of the proceeds of this particular land monetisation once the transaction is closed.
The company, which is the retail arm of private equity firm Xander, announced an "investment of USD 340 million (Rs 2,400 crore) in a retail-anchored project in the Mumbai Metropolitan Region."
The company agreed to sell property for Rs 700 crore subject to payment of taxes, cost of approval as applicable.
Raymond currently operates a network of 1,500 stores across all the brands in 600 cities.
Consumption (both staples and discretionary) slowdown across the board is likely to result in lower-than-anticipated revenue growth.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 52 points or 0.44 percent. Nifty futures were trading around 11,977-level on the Singaporean Exchange.
RPAL, an automotive components maker, is a supplier to original equipment manufacturers including BMW, Ford, Maruti Suzuki, Hyundai, Honda, Tata Motors, Mahindra & Mahindra, Cummins, VECV, Caterpillar and Fiat.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a loss of 38 points or 0.32 percent. Nifty futures were trading around 11,839-level on the Singaporean Exchange.
Total income during the quarter under review stood at Rs 1,837.11 crore as against Rs 1,655.12 crore in the same quarter of the previous fiscal.
The new real estate arm named 'Raymond Realty' will build 3,000 units in the first phase of the project in a period of five years with potential revenues of over 35 billion rupees ($510.90 million), the company said.
Stocks include Garnet International, Manpasand Beverages, Kitex Garments, MRF, UPL, Bajaj Holdings, Atuo Auto, GMR Infra, Raymond and Ashoka Buildcon
Textile and branded apparel company Raymond closed 8 percent lower on February 7 on the BSE, its worst close since October 25
Textile minister Smriti Irani said the initiative aims at exploring the synergy between culture and textiles and the initiative will be extended to rest of the country.
According to Bahl, Raymond's Thane project has received Maharashtra RERA registration for phase I and the launch date would be in this quarter.
The company had posted a net profit of Rs 30.71 crore in October-December period a year ago, Raymond said in a BSE filing.
Singhania aims to achieve independent governance in his companies and keep his family away from the everyday operations of Raymond