Raymond plans 50:50 JV with Italian firm

Raymond has proposed a 50:50 Joint Venture (JV) with Italy's leading woollen fabric manufacturer - Lanificio Fedora, and is transfering the existing carded woolen unit at Jalgaon facility to the new JV.

According to a release issued by Raymond to the BSE, the total estimated cost of the project, with capacity addition, is Rs 40 crore.

Gautam Singhania, Chairman & MD said, "At Raymond, we have always believed in bringing the best practices from across the world. With this JV, we will incorporate the technical expertise and industry experience of our partners within our existing business to offer world-class products for both the domestic and international markets."