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Raymond loses interest in Bangalore investments

25
May '06
Bangalore's positioning as centre for apparel manufacturing and sourcing for some of the world's biggest brands in post-quota world scenario has encountered a setback, as textile major, Raymond is having second thoughts on investments there.

Raymond's intention to withdraw from Karnataka, and especially Bangalore, is due to Bangalore's sagging infrastructure facilities, as per Gautam Singhania, Chairman and Managing Director, Raymond.

Raymond is of the view that state Government has been unable to provide basic amenities at the Apparel Park at Dodballapur and the company had to incur expenditure for setting up basic amenities.

The company planned to establish apparel manufacturing facilities for suits, trousers and denim at Dodballapur and at Hoskote for shirts.

Investment was entailed around Rs100-140 crore with the two projects expected to generate nearly 4,000 jobs.

Raymond had also planned to invest in fabric and apparel at Karnataka's Hasan centre.

It is now eyeing centres such as Vapi, Kolhapur and Jalgaon, sources reveal.


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