Raymond set to invest Rs. 1.4K cr in Amravati unit, open 300 stores
Textile and Apparels major Raymond will invest a total of Rs 1,400 crore in a phased manner in its new plant at Amravati in Maharashtra which will go on stream by this year-end.
The company has made an initial investment of Rs 200 crore for the first phase of the new unit that will produce cotton shirts, linen and denim, among others.
"Our greenfield project in Amravati is likely to be commissioned by year-end. With an initial capital infusion of 200 crore, the total investment will be about Rs 1,400 crore in a phased manner," Raymond Chairman and Managing Director Gautam Hari Singhania said. When fully operational, the Amravati plant will create an employment for about 8,000 workers. It is spread across 500 acres.
The plant will be used to produce items to meet the demand of Raymond's own brands as well as for other third parties.
It is expected to help meet demands of the company, which is embarking on a retail expansion across India with 300 new stores slated to be opened in the next two years.
The majority of the new stores will be in small towns.
"We are looking at 300 Raymond shops coming up in next two years and about 150-200 other format stores like Park Avenue, Colorplus and others," Raymond CEO Lifestyle Business Sanjay Behl said.