Thursday, Mar 31, 2005
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By Our Staff Correspondent
MUMBAI, MARCH 30. Raymond, as part of its strategy to expand its product portfolio by entering into cotton fabrics, today formally inked a Rs. 200-crore deal with Gruppo Zambaiti, the textile major from Italy, for a 50:50 joint venture with Cotonificio Honeggar, a part of Gruppo Zambaiti. The two companies will set up a greenfield facility in India for the manufacture of high value cotton shirting fabric. The facility will make fine cotton and cotton linen shirting fabric and will have a capacity of 11.5 million metres. Besides equity support, Gruppo Zambaiti will be bringing in the technological and design inputs and global marketing network. Gautam Hari Singhania, Chairman and Managing Director, Raymond said, "this 50:50 joint venture with Gruppo Zambaiti is the first step towards creating global partnerships.
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