Raymond today announced two major initiatives to strengthen its position in the textile sector.According to a release issued to the BSE today, the total capital expenditure planned is Rs 280 crore.The group announced a 50-50 joint venture with Cotonificio Honegger S.p.A, part of Gruppo Zambaiti, for the manufacture and marketing of high value-added cotton shirting fabrics."Gruppo Zambaiti is one of the top three Italian high fashion cotton textile groups with strengths in design and development, and is a supplier to leading premium shirt brands worldwide. The plant will have a capacity of 10.5 million metres. The total cost of the project is estimated at Rs 180 crore," the release said.The facility will cater to the international markets at the higher end and the company's own requirements of fine shirting fabrics for its premium brands Manzoni, Park Avenue and Color Plus.The company also announced plans to set up a new facility at a new location in India for manufacturing worsted suiting with a capacity of 3 million metres per annum to augment its existing capacity of 24 million metres. "The total capital outlay for the project will be Rs 100 crore," the release said.
