Business

Raymond Bullish On Its Rs1,400 Crore Investment Plan In Maharashtra

Raymond has taken 500 acres of land in Amravati, Maharashtra to set up textile manufacturing facilities with an investment of Rs 1,400 crore

Textile major Raymond has reached an agreement with Maharashtra government for setting up textile manufacturing plant at an investment of Rs 1,400 crore in Amravati district, its chairman and managing director Gautam Hari Singhania informed.

"We have reached a Memorandum of Understanding (MoU) with the Maharashtra government for setting up our integrated textile plant in the Amravati district of the state. The state government wants to develop a very large textile park in the district," Singhania told reporters on the sidelines of the ongoing Make in India Week in Mumbai. Raymond has taken 500 acres of land in Amravati, Maharashtra to set up textile manufacturing facilities with an investment of Rs 1,400 crore. "We are investing Rs 1,400 crore and I am told that after our investment is announced, four more textile parks are likely to come up within the state. When I spoke with the state Chief Minister Devendra Fadnavis, he said that he wants to develop the textile parks in Amravati as his dream project," Singhania said. Noting that the state government is doing its best to promote industry within Maharashtra, Singhania said that he believes that the bureaucracy has been reduced a bit here which is a welcome move.