Raymond, Grotto JV for sale of branded apparel

New Delhi, Nov 10: Leading textile and apparel major Raymond Ltd today formed a 50:50 joint venture with Italy-based Grotto SpA, for sale of casual apparel and accessories bearing the latter's trademark, Gas, in India.

The joint venture is subject to the approval of the Board of Directors of both the companies and requisite regulatory and other approvals, a Raymond statement said.

The company has reported a 285 per cent increase in its net profit for the second quarter ended September 30, 2006, at Rs 141.47 crore against Rs 36.83 crore for the same quarter of the previous year.

This included the surplus on divestment of denim division amounting to Rs 87.10 crore.

UNI