The Rs 20 billion textile and apparel major Raymond, (Q, N,C,F)* is planning to enter into the automobile sector to enhance its business, reports Business Standard.
To enter the automobile furnishing sector, the group is setting up a joint venture with Treves SA, USD1.3 billion French company. Established in 1836, Treves SA is present in about 20 countries, is engaged in automotive parts and components, seat parts, textiles, fabrics and cloth.
Raymond and Treves SA will form a 50:50 JV tomarket, sell and distribute knitted and woven textiles for internal furnishing of automobiles and related products.
Pradeep Bhandari, group president said, ``We are foraying into automobile furnishing and have got an approval for a JV for the same. `` The company, entered into a marketing and technical know-how JV to market automobile upholstery, added Raymond spokesperson.
The company`s existing fabric manufacturing capacities, will cater to the automobile industry requirements.
Raymond, installed capacities of 2.8 million meters of wool and blended wool fabrics, which the company plans to increase to 3 million meters by April. The company has three manufacturing units at Maharashtra, Gujarat and Madhya Pradesh.
In the last quarter, the company entered into 50:50 JV with an Italian company, Grotto, for retailing of premium casual wear and accessories under the GAS brand. The company is increasing its exclusive branded outlets in the country and plans to expand its retail presence in the Middle East as well.
|
