Raymond Limited, India’s largest integrated worsted suiting manufacturer, has appointed Amit Agarwal as chief financial officer with effect from July 2, 2020. The appointment comes at a crucial juncture when the business is witnessing tough market conditions and the Group is also in the process of de-merger that would lead to two separate listed entities.

Agarwal is a veteran CFO having worked with large corporations like Arcelor Mittal, Essar Steel, Suzlon and Jet Airways where he was the CFO and Acting CEO. Prior to joining Raymond, he was the CEO of Jindal Coated Steel Products Ltd.

Sanjay Bahl, who was the chief financial officer for about 5 years, will continue to be associated with Raymond as an advisor for six months to support the leadership team through the transition period, Raymond said in a filing with the stock exchanges.

"During his tenure, Bahl was instrumental in steering the Group through GST implementation, demonetisation and now COVID-19. Significant amongst his contributions were facilitating the sale of a part of our Thane land and also strategising the demerger of the Group’s Lifestyle Business into a separate legal entity," the filing said.

Raymond has some of the leading brands within its portfolio – Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure amongst others. Raymond has one of the largest exclusive retail networks in the country with over 1,500 stores across 601 towns.

Fibre2Fashion News Desk (RKS)

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