Textile and retail major Raymond Ltd today said the company is investing Rs 500 crore for its expansion projects spanning textiles and garments. In phase one, Rs 200 crore will be deployed across its three plants in Karnataka, Gujarat and Maharashtra.
Addressing a press conference today, Mr Ram Bhatnagar, Vice-President – Emerging Business, Raymond Ltd., said: “Raymond, which has manufacturing units at Bangalore for garments and Maharashtra and Gujarat for fabrics is taking up this expansion project to enhance the capacity. In the first phase, Raymond will invest Rs 200 crore to increase suitings and shirtings capacity.”
As a part of the expansion project, it is proposed to increase the capacity of suitings from 40 million metres per annum to 105 million metres and shirtings from 15 million metres to 55 million metres.
Small training hubs
After launching its economy brand Makers in the South beginning Hyderabad, he said, Raymond is working towards creating a chain of tailor training hubs across the country. These trained tailors will be associated with its retail chain of stores.
“We are working out a business plan and expect to finalise this initiative within two months. The idea is to have local small training hubs where tailors can come and fine-tune their skills,”
Mr Bhatnagar said: “Well trained tailors are in shortage. A small course will help them improve their skills and also bring out better finished products.”
The Indian textiles market is estimated at Rs 50,000 crore and growing at a healthy double digit rate. Of this, over the counter textile market size is estimated at Rs 13,000 crore. The opportunity is huge and tier 3 and 4 towns are relatively untapped.
Priced between Rs 250 and Rs 350 for poly viscose range and shirting starting from Rs 129, the Makers range will be available in all leading textile retailers. “However, we do not want to market them in existing Raymond outlets,” he said.