Maharashtra Chief Minister Devendra Fadnavis on Monday handed over an "offer letter" allocating 500 acres of land in Maharashtra Industries Development Corporation (MIDC) area to Raymond Group for setting up a Rs 1,500-crore state-of-the-art textile unit in Vidarbha. The letter was given to Raymond Group Chairman and Managing Director Gautam Singhania in the CMO in Vidhan Bhawan where the winter session of the state legislature is underway.

The textile unit will come up at Nandgaon Peth in Amravati district on 500 acres (200 hectares), the CM told the House. The upcoming textile unit is expected to generate employment opportunity for about 7,500 people.

After the Maharashtra government gave nod to Raymond group to set up textile unit in Vidarbha, shares of Raymond Ltd jumped as much as 1.74 per cent in an otherwise weak market to hit intraday high of Rs 428.75

As of 10:02 a.m., shares of Raymond Ltd traded 1.4 per cent higher at Rs 427.30, outperforming the Nifty which was down 0.21 per cent.

Raymond is one of the largest producers of worsted suitings having renowned brands like Park Avenue, ColorPlus and Parx along with a retail chain of over 700 shops in 200 cities.