Raymond’s unlisted subsidiary - Ring Plus Aqua (RPAL) has entered into a Share Purchase Agreement with Neel Metals Products, to transfer by way of sale its entire equity share holding of 1,04,30,631 equity shares in its 50:50 Joint Venture Company namely ‘Rose Engineered Products India’ (ROSE). Consequent to said transaction ROSE ceases to be an associate of RPAL and Raymond. The Enterprise Value of ROSE was arrived at Rs 20.19 crore.
Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world, with a capacity of producing 38 million meters of wool & wool-blended fabrics.