Raymon's Arm Inks Pact For Divesting Entire Shareholding In JV (13-Dec-2011)
Raymond's wholly owned subsidiary -Silver Spark Apparel- has entered into definitive agreements for divesting its entire equity holding of 7,40,000 equity shares of Rs 10 each held in the Joint Venture (JV) Company viz., Rayves Automotive Textile Company, to T B Kawashima Company, Japan. The transfer of the equity holdings in the entity will take effect on completion of all legal formalities on or before December 20, 2011.
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.
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