Raymonds on 9 June 2005 announced its plans of
setting up a joint venture with Italian woollen fabric manufacturer, Lanificio
Fedora, with an investment of Rs 40 crore.
Raymonds would transfer its existing carded
woollen unit, making largely blankets and shawls, at Jalgaon to the new joint
venture. The 50:50 joint venture will be called Raymond Fedora Pvt Ltd.
Apart from access to technical expertise from
Lanificio Fedora, the new partnership will see the enhancement of the current
manufacturing capacity from 15 lakh metres per annum to 25 lakh metres per annum
in Phase I.
The venture will have a product mix that includes
blankets, shawls and fancy woollen jacketing and expects to export around
two-thirds of its output. Lanificio Fedora is a producer of carded woollen
fabric in Italy.
It might be recalled that in February 2005,
Raymond announced its plans of setting up a 50:50 joint venture with another
Italian company, Cotonificio Honegger Spa, part of Gruppo Zambaiti, for
manufacturing premium fabrics for shirting.
Also See:
Raymond
plans Rs.280 crore expansion project (18-Feb-05)