Raymond, the world's largest producer of worsted suiting fabrics, commanding an over 60% market share in India, has decided to enter into real estate development business.

The board of the company today approved using 15-20 acres of surplus land in Thane for developing affordable residential property.

The company's primary focus would be in the residential segment and funding would be from internal accruals. The real estate development would be handled by a division of Raymond.

Ahead of positive announcement, Raymond's shares today hit the upper limit on the Bombay Stock Exchange, closing 9.98% higher at Rs 225.