Raymond To Invest Rs1500 Cr. In Amravati

Raymond To Invest Rs 1500 Cr. In Amravati

Maharashtra government yesterday inked a pact with textile major Raymond for setting up a Rs1,500 crore plant at Nandgaonpeth in Amravati. Raymond Group chairman Gautam Singhania was present while signing MOU through which government handed over 200 hectares (about 500 acres) in Maharashtra Industries Development Corporation (MIDC) area to the group for the state-of-the-art plant.

Raymond to Invest Rs1500 Cr. in Amravati

Making an announcement in the assembly, chief minister, Devendra Fadnavis said the investment would generate about 7,500 jobs. Already, the government had allocated land to other textile units like Shyam Indofab, VHM Industries, Suryalakshmi and Siyaram Silk Mills at the same place.

Collectively, those other factories would be investing Rs2,200 crore while generating about 5,200 jobs. Of them, Shyam Indofab had already started work while others would be commencing shortly.

“We are working to fulfil Prime Minister Narendra Modi’s dream of ‘farm to fashion’. We are confident that Raymond will work as anchor industry in this process. We will take help of all captains of industry and work for betterment of cotton growers from the region,” Fadnavis said while lauding Raymond Group for according priority to the state for investment.

He said many industries were keen to invest in the regions and the government planned to establish garment park as value addition in these zones and would recruit women in large numbers so that they could also become the part of development.

Chief minister informed that the MIDC had decided to establish textile parks at Yavatmal, Chikhli in Buldhana, Jamner in Jalgaon, Kannad in Aurangabad, Selu in Parbhani, Bhaler in Nandurbar, Malegaon in Nashik, Krushnoor in Nanded, and Majalgaon in Beed, besides Nandgaonpeth.

Raymond is one of the largest producers of worsted suitings having renowned brands like Park Avenue, ColorPlus and Parx along with a retail chain of over 700 shops in 200 cities.