Raymond Realty to become a wholly-owned subsidiary, Real Estate News, ET RealEstate » Scammer News

 Raymond Realty to become a wholly-owned subsidiary, Real Estate News, ET RealEstate » Scammer News
NEW DELHI: Fabrics and garments major Raymond Ltd on Monday said its board has approved a consolidation exercise, including the combination of its tools and hardware, and auto components businesses with its engineering business to improve synergies and explore monetisation options. Besides, the board has also approved consolidation of its business-to-consumer (B2C) venture by transfer of apparel business into Raymond Ltd, the company said in a statement.

As part of the exercise, the real estate business division will be subsidiarised into a wholly-owned subsidiary, it added.

Commenting on the development, Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said the company’s engineering business comprising tools and hardware, and auto components has demonstrated good performance and it is poised for future growth.

“We are consolidating the business to explore all options available to us for monetisation,…

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