With reference to the earlier announcement dated November 10, 2006, Raymond Ltd has informed that on October 01, 2009, Grotto S.p.A., has transferred it's 50 percent holding in GAS Apparel Ltd to Raymond Apparel Ltd. (a 100 percent subsidiary of Raymond Ltd.). With this corporate action, Gas Apparel Ltd. has become a 100 percent subsidiary of Raymond Ltd.
Consequent to the said transfer, the Joint Venture Agreement executed between Raymond Ltd. and Grotto S.p.A., stands terminated.
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