Maharashtra govt gives nod to Raymond Group for setting up textile unit

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.

Recent Posts

Swisstulle advances dyeing efficiency with JigMaster

Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.

3 days ago

Birla Cellulose and Circ partner to scale textile recycling

Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…

3 days ago

CARBIOS unveils enzymatically recycled polyester t-shirt

CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…

3 days ago

Yangi launches sustainable fiber-based food tray

Yangi, renowned for its renewable packaging solutions, has launched a fiber-based food tray as a sustainable alternative to plastic trays…

3 days ago

Tarpaulife Project develops alternative to PVC-coated fabrics

The European Tarpaulife Project is working on polyolefin-coated fabrics, such as polyethylene, that can be manufactured to compete with PVC-coated…

3 days ago

Better Cotton to standardise measurements for cotton production

Better Cotton has joined the global non-profit alliance, Cascale, in a three-year project aimed at standardising LCA methods across the…

3 days ago