Raymond plans to tap West Asia, African markets

Suiting fabric producer Raymond Ltd today said it plans to invest USD 5 million to launch its products in the West Asian and African markets through its subsidiaries.
The company has recently sought internal approvals for incorporating new overseas subsidiaries, Raymond informed BSE.
The company is planning for a "wholly owned subsidiary of the company in Dubai which will be engaged in trading of textile, apparel and related products in Middle East and Africa", Raymond said.
It further informed that its wholly owned subsidiary Silver Spark Apparel Ltd (SSAL) in Sharjah, will invest to set up garmenting facility in Ethiopia, East Africa.

"The company will make investment of up to USD 5 million, in one or more tranches," Raymond said.
Shares of Raymond today settled at Rs 398.55 on BSE, up 2.73 per cent from previous close.