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Raymond to expand business across all its three verticals

Wednesday, 27 Mar 2024
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The Raymond Group is set to expand its business across all its three verticals, from apparels business to real estate and engineering. With the addition of more than 200 stores in the last 12 months, the Group further plans to open 400 to 500 stores, taking the total to 2,000 in the next three years.

While focusing on premiumisation of its products, it has also earmarked Rs 200 crore as capex to hike production capacity to 11 million pieces from present eight million over the next 18 months. With brands such as Raymond Ready To Wear, Park Avenue and ColorPlus under its belt, the revenue from apparel is about Rs 1,500 crore. The capacity expansion would be mostly in Bengaluru, and some in Ethiopia.

Furthermore, the Group is signing up joint development agreements with land owners for real estate projects worth Rs 5,000 crore in Thane, Sion and Mahim. Also, it expects a land parcel in Thane to generate Rs 25,000 crore over several years.

On the engineering front, its acquisition of Bengaluru-based Maini Precision Products (MPPL) is expected to be completed by 31 March, 2024. In November last year, Raymond Group entered into an agreement to acquire a 59.25 percent stake in MPPL for Rs 682 crore. This is also in line with its intention to foray into sunrise sectors such as aerospace and defence.

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