Raymond To Set Up Units In Vidarbha And Amravati

Mergers & Acquisition

Raymond To Set Up Units In Vidarbha And Amravati

Indian textile major Raymond has inked a memorandum of understanding with the government of Maharashtra to set up a Rs 1,500 crores plant in Vidarbha and establish a textile unit in Amravati and create 10,000 jobs.

The government has handed over 200 hectares of land in the Maharashtra Industries Development Corporation (MIDC) area. The state-of-the-art plant will generate 7,500 jobs and give a huge boost to Vidarbha’s textile industry.

The plant is in keeping with Prime Minister Narendra Modi’s dream of ‘farm to fashion’. Maharashtra chief minister Devendra Fadnavis hopes that Raymond will work as anchor industry in the process, and in the long run help the farmers of Vidarbha. Raymond Group chairman Gautam Singhania was lauded for his decision to invest in the state.

In Amravati district, which is the largest producer of cotton, the government has already allotted eight textile units. The government has already given land to other textile units such as Shyam Indofab, VHM Industries, Suryalakshmi and Siyaram Silk Mills, all of whom would invest a total of Rs 2,200 crores and generate 5,200 jobs. Raymond will be establishing its mega unit in Nandgaonpeth, Amravati district to start with.

The Raymond group has assured an investment of Rs 2,500 crores which will create jobs for 10,000 people.