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)