Raymond announces expansion of worsted suiting capacity at Vapi

Mumbai, Mar 10 (UNI) Raymond Ltd today announced expansion of its capacity for worsted suiting at Vapi in Gujarat by three million meters per annum at an estimated cost of Rs 197 crore.

This would be an integrated facility starting from spinning up to finishing of fabric that is expected to go on stream from April 2007.

The first phase of expansion announced last year is expected to start commercial production shortly and this expansion would take the total capacity for worsted suiting of 31 million meters per annum.

The textile division of the company had recorded a revenue of Rs 612 crore for the nine months ended December 2005, a growth of 12 per cent over the same period of previous year.

The suits and trousers manufacturing facility set up by the company as a part of its strategic to be a 'One Stop Shop' is already operational and a large portion of the exports growth in the business is likely to come through this route.

The domestic market for formal wear is also witnessing a uptrend as the levels of disposable incomes go up with the growth in the economy.

Announcing the expansion company's Chairman&Managing Director Gautam Hari Singhania in a statement said, ''The outlook for the company's textile business continues to be buoyant as the economy is in a new growth phase.'' The company is moving forward as planned along the path of becoming a world class integrated textile player through putting up world class manufacturing capacities and partnerships with internationally well reputed premium players,'' he said.

Further the company informed that Mr I D Agarwal ceased to be a Director of the company, consequent upon withdrawal of his nomination by UTI Asset Management Company Pvt Ltd.

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