Raymond Group signs two MoU’s with Government of Maharashtra for Rs.425 crore
Kolkata, February 20, 2018: The Raymond Group under J.K. Investors (Bombay) Ltd. today signed two MoUs (Memorandum of Understanding) during the Magnetic Maharashtra (Convergence 2018) for a Residential Complex, Commercial Amenities, School Project and Sport Complex for Rs. 425 crore, in Nandgaon Peth, Amravati, for project commencement in FY 2018-19.
With this MoU, the Government of Maharashtra will facilitate J.K. Investors (Bombay) Ltd. to obtain necessary permissions, registrations, approvals, clearances, fiscal incentives etc. from concerned government departments of the State, as per the existing policies, rules and regulations of the Government of Maharashtra.
With a proposed investment of Rs. 50 crore in three phases, the first MoU was signed to set up a School Project & Sport Complex for 3500 Students, 200 Staff and Teachers and will provide employment for about 300 construction workers.
The second MoU was signed for Rs.375 crore for a Residential Complex and Commercial Amenities with 2000 houses (70% affordable houses of less than 600 sq. ft) employing 900 people, all of which will be executed in three phases.
The Raymond Group recently inaugurated a new Greenfield Linen manufacturing facility in the newly created Textile Park in Nandgaon Peth, Amravati, under its subsidiary Raymond Luxury Cottons Ltd. In phase 1 of the industrial development initiative, the facility is expected to produce 1200 tons of world class Linen yarns and 4.8 million meters of Linen and blended fabrics per annum, generating direct and indirect employment for 800 people.
At Amravati, world-class technology is being deployed to provide best quality product output, along with cutting-edge process automation to optimise productivity and efficiency. This state-of-the art, highly versatile and flexible facility will be instrumental in taking Linen as a category, to another level. This reinforces Raymond’s manufacturing prowess and ability to innovate across various fashion categories, with Linen being the newest one.
With eight plants already operational in Maharashtra (including Amravati), two in and around Vidarbha region, (Yavatmal and Chhindwara), Raymond has always been at the forefront of Maharashtra’s industrial development. Additionally with the strong presence of offices and retail stores, Raymond collectively provides direct & in-direct employment to more than 20,000 people across the state of Maharashtra.