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Raymond completes acquisition of Robot Systems
11 Sep '15
1 min read
Raymond, one of India's leading apparel and suiting fabric manufacturers, through its wholly-owned subsidiary Silver Spark Apparel Limited, has completed acquisition of Robot Systems, a wholly-owned subsidiary of Gokaldas Exports.
In April 2015, Raymond had announced that it had entered into a Share Purchase Agreement with Gokaldas Exports Limited, Robot Systems Private Limited (a wholly-owned subsidiary of Gokaldas Exports Limited) and Gautam Chakravarti for acquisition of entire shareholding in Robot Systems Private Limited.
In its latest filing to the BSE, Raymond said, “Silver Spark Apparel Limited has completed the said acquisition of Robot Systems Private Limited on September 10, 2015. As per the agreement, the total consideration for the above acquisition is Rs 28,00,00,000 only.”
Raymond recorded a net profit of Rs 21 crore and net sales of Rs 1,400 crore for the quarter ending March 31, 2015. (HO)
Fibre2fashion News Desk - India
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