Raymond, Belgian Co to invest euro 200m in JV
The two firms have merged their denim businesses and will have a combined capacity of 80m metres per annum.india Updated: Aug 08, 2006 20:45 IST
Indian suiting and apparel maker Raymond Ltd and Belgian firm UCO NV will invest 100 million euros ($128.3 million) each in a new joint venture company, the chairman of the Indian company said on Tuesday.
"This joint venture gives us great synergies which has manufacturing in three continents and four countries," Gautam Hari Singhania told a news conference.
The two firms had signed an agreement in February to merge their denim businesses in Europe, the United States and Asia. The merged firm will have a combined capacity of 80 million metres per annum.