Raymond sets aside capex of Rs 280 crore for second half of 2016

Textile major Raymond has set aside a capex of Rs 280 crore for the second-half of the year. The company will use major chunk of capex for constructing its plants at Amravati in Maharashtra (Rs 150 crore) and Ethiopia (Rs 50 crore) and the rest for its retail stores and maintenance.

The company has spent a capex of Rs 69 crore for the first half of 2016. This year the company added about 40 stores and about 50 stores were renovated. Currently, Raymond has a total of 1,050 stores across all formats which include 47 stores in West Asia and the SAARC region covering 1.93 million square feet of retail space.