Raymond to invest over Rs. 200 crore in a major expansion program
By Our Corporate Bureau | 08 Jan 2004
Mumbai:
Raymond Limited, the leading textile and apparel company
in India has announced a major expansion program for its
apparels and denim businesses. This program will include
setting up two new manufacturing units for apparels and
denimwear in Bangalore and a capacity expansion of its
existing denim manufacturing facility at Yavatmal, Maharashtra.
At a meeting of the board of directors held on January 7, 2004 in Mumbai, the company made the following announcements:
- The company will set-up a new suit and formal trouser manufacturing facility at Bangalore, Karnataka with an annual capacity of 5 lac suits and 10 lac trousers in two phases at a total project cost of Rs. 40 crores. Phase I of the project would be operational by March 2004 and Phase II by September 2005.
- The company will set-up a denimwear manufacturing facility at Bangalore, Karnataka with an annual capacity of 3 million garments at a total project cost of Rs. 44 crores, which will be operational by December 2004
- The company will expand its denim manufacturing capacity at Yavatmal in Maharashtra from 20 million meters per annum to 30 million meters per annum at a total project cost of Rs.127 crores, which will go on stream by April 2005.
Commenting on the expansion plans, Mr. Gautam Singhania, chairman and managing director, Raymond Limited said, "Our investments in capacity expansion and new garment units are in line with our vision to become a global player in our areas of core competence. This is yet another step towards consolidating Raymond''s position as a globally recognized player in textile and apparel segments."
Says Mr. Nabankur Gupta, group president, Raymond Limited, "We believe that our investments in the areas of denim and apparel will be the major growth drivers for the group in the future. With these strategic investments, Raymond is getting ready to face the challenges and opportunities that will emerge at the end of the quota regime."
The Raymond Group was incorporated in 1925, and is now a Rs. 1400 crore plus conglomerate having businesses in textiles, readymade garments, engineering files and tools, prophylactics and toiletries.
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