Raymond has received approval for the closure of the wholly-owned subsidiary of the Company named viz., Raymond Lifestyle International DMCC, Dubai, UAE. Raymond Lifestyle International, DMCC, Dubai is not a material subsidiary of the Company. The Board of Directors of the Company at its meeting held on December 12, 2019 has approved the same.
The Company has been de-registered from DMCC Authority, Dubai and is expected to be wound up on completion of all remaining formalities.
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.