by Apparel Resources News-Desk
18-December-2017 | 1 min read
Maharashtra Chief Minister Devendra Fadnavis inaugurated the first ever greenfield linen manufacturing plant of Raymond on December 17. The textile major has opened the unit under its subsidiary Raymond Luxury Cottons Ltd. in Amaravati district.
Raymond Group Chairman & Managing Director, Gautam Hari Singhania and Union Transport Minister Nitin Gadkari also attended the inauguration of the unit at MIDC’s Nandgaon Peth industrial estate.
The unit, set up at a cost of around Rs. 250 crores, is expected to start its commercial operations by April next year. It will majorly (70 per cent) take care of Raymond’s own consumption while the rest will go to domestic and international markets.
More than 800 people (directly or indirectly) are expected to be employed at the unit which is likely to produce 1,200 tonnes of linen yarns and 4.8 million metres of linen and blended fabrics annually.
The apparel and textile company is planning to make an investment of Rs. 1,400 crores in a phased manner, informed Singhania, who added there are plans to double the capacity of the unit in Phase 2.
On the retail front, Raymond has a network of more than 1,000 stores across 400 towns in India.
Earlier, it announced to shut around 25 underperforming stores in 2018 financial year and renovate 50 of the unprofitable stores to increase sales.