Rane Madras to sell surplus land at velechery for 55 crore
Rane Madras Ltd has executed an Agreement for Sale of 35.15 grounds or approximately 84,360 sq. ft. of surplus land in its manufacturing unit located at Velacherry Main Road, Chennai 600 042 for 55.32 crore and the deal will go off in 1 month time .The stock rose by almost 15 percent after the news. The land was rendered surplus owing to re-organization of the plant including shifting of some of the facilities to the new manufacturing unit set up by the Company in 2006 at Varanavasi Village in the outskirts of Chennai
