Four years on the block: Raymond finally slashes Thane plot rates to attract builders

Textile giant Raymond has revised its plans to sell its 125-acre plot in Thane. According to a CNBC-TV18 report, the company has slashed the price of the plot by Rs 3 crore per acre to Rs 12 crore per acre now.

The company was earlier expecting to make almost Rs 1800 crore from the deal but is now pegging it around Rs 1500 crore.

Sources told CNBC-TV18 that Raymond Chief Gautam Singhania has met six developers to ensure the deal goes through this time since the company has not been able to sell this land parcel for the last four years.

Raymond is hoping to receive about 60 percent of the payment upfront, which is perhaps why there have been no buyers so far.

The sale of the plot is part of the net debt reduction process, which stands at about Rs 1500 crore as of September 2013.