Raymond has terminated the joint venture agreement it had entered with Cotonificio Honegger Spa, (CH) Italy and has exercised its option to purchase all the shares held by CH in the said JVC, as provided in the joint venture agreement.
Earlier, the company had incorporated a 50:50 joint venture company (JVC) namely ‘Raymond Zambalti’ pursuant to the joint venture agreement entered with Cotonificio Honegger Spa, (CH) Italy.
Raymond is largest manufacturer of steel files in the world accounting 30% of market share. The company’s textile plants are located in Thane, Vapi and Chhindwara. These plants have received various certifications such as ISO 9001 for quality management systems and ISO 14001 Environment Control Systems.
