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.
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"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.
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