Raymond Limited, the largest integrated manufacturer of worsted fabric in the world is a leading Indian lifestyle, textile and branded apparel company, with interests in engineering such as files, power tools, auto-components, FMCG and realty. The Company was incorporated as the Raymond Woolen mill on September 10, 1925 in the area around Thane Creek and thereafter transformed from being an Indian textile player to a large diversified group with leadership position in Textiles and Apparel sectors and enjoys a formidable position across industries such as FMCG, Engineering and Prophylactics in national and global markets.
The company comprises in three business divisions, such as Textiles, Engineering and Aviation. Textile division of the company has a distribution network of more than 4,000 multi-brand outlets and over 400 exclusive retail shops in the domestic market itself. Suitings are available in India in over 400 towns through 30,000 retailers and an exclusive chain is present in over 150 cities across India and overseas especially the products exports to over 55 countries including USA, Canada, Europe, Japan and the Middle East. The group has three engineering divisions, J.K. Files & Tools, J.K. Talabot Ltd. to cater to national and international markets and a controlling interest in Ring Plus Aqua Ltd engaged in the manufacture of auto components. Raymond Ltd. is one of the first Corporate Houses in India to launch Air Charter Services in India and since then it has been always a way ahead for Raymond Aviation under the name of Million Air and have a fleet of 3 helicopters and 1 executive jet for the busy corporate executive.
Lala Juggilal, Lala Kailashpat Singhania took over The Raymond Woollen Mill in the year 1944. The Company had set up a new manufacturing activity in the year of 1950 for making indigenous engineering files known as JK Files & Tools. This has now become the largest facility of its kind in the world. The first exclusive Raymond Retail showroom, King's Corner, was opened in 1958 at Ballard Estate in Bombay. During the year 1964, the company had set up of a new Combing Division. This was followed by a phase of vertical integration, facilitating in the processing of multi-fibres and technology improvements to make blended fabrics. Raymond had set up a readymade garments plant at Thane in the year 1968. The readymade garments division of Raymond has since then grown rapidly. A new manufacturing facility was set up at Jalgaon during the year 1979 to meet the increasing demand for worsted woollen fabrics. Vijaypat Singhania took over the reins of the company in the year 1980; he injected fresh vigour into Raymond, transforming it into a modern, industrial conglomerate. Launched 'Park Avenue', the premium lifestyle brand of the company in the year 1986 provides a complete wardrobe solution to the men who like to dress well & be current on styles & fashion. Apart from the domestic operations, the made spread its wing into abroad also, the first showroom for Raymond was opened in Oman during the period of 1990.
In the year 1991, another new manufacturing facility was set up at Chhindwara, near Nagpur. The Renaissance Collection made of Merino wool blended with polyester and specialty fibres (Super 100S to Super 140S) were comes to existence since 1996 and also in the same year Raymond's denim also introduced. The Company had commenced Air Charter Services in India during the year 1996. Raymond had launched 'Parx' in the year 1999, a premium casual wear brand bringing customers a range of semi-formal and casual clothes. After a year in 2000, launched 'Be', an exclusive product line of ready-to-wear designer clothing for men and women. Raymond had set up 'Silver Spark Apparel Ltd.' in the year 2003 for manufacturing suits and formal trousers catering largely to export markets and also in the same year, the company had acquired ColorPlus. In 2004, Super 220S fabrics ruled in market under the Chairman's Collection. During the year 2005, the company had set up state-of-the art jeanswear facility 'Everblue Apparel Ltd.' near Bangalore and also in the same year 'Celebrations Apparel Ltd.' was started for the manufacturing of formal shirts.
Raymond achieved a rare feat and a historical milestone with the creation of the world's finest worsted-suiting fabrics from the finest wool ever produced in the world- The Super 230s made up of 11.8 micron of wool. Set of Raymond's third worsted unit at Vapi in Gujarat during the year 2006 and in the identical year launched the design studio in Italy for cutting edge design capabilities for exports and domestic brands. Raymond had set up the world-class carded woollen unit, Raymond Fedora Ltd, in Jalgaon and set up of Greenfield shirting unit at Kolhapur producing high value cotton shirting as part of the company's JV with Gruppo Zambaiti. Also in the same year of 2006, formulated J.K. Talabot Ltd, JV with MOB, France for the manufacturing of files and rasps.
Launched kidswear brand under the name of Zapp with first store in Ahmedabad. During the year 2006-2007, the company made joint venture with Italian apparel brand Grotto to open 60 GAS exclusive brand outlets (EBOs). Also in the year 2007, to enter the automobile furnishing sector, Raymond sets up a joint venture with Treves SA, USD 1.3 billion French. As at October of the year 2007, Raymond opened exclusive Zapp flagship store at Eranakulam, in Kochi. The Company resolved to take its 80-year-old brand Raymond into the branded ready-made garment segment in December 2007. The equal joint venture (JV) between Raymond and Italian fashion house Grotto is learnt to be in trouble less than two years after it was formed. Grotto is learnt to be exploring the options of exiting the JV during August 2008.
Raymond is planning to increase its retail stores from 433 to 950 and expects the revenue from the stores to increase from Rs 7 billion in the present to Rs 11 billion to Rs 12 billion in 2009-2010. Most of these stores will come up in small towns.
During FY 2014, the Company completed the restructuring exercise of its Suit Manufacturing Plant at Bangalore by transferring it as a going-concern on a slump sale basis to its wholly owned subsidiary, Silver Spark Apparels Limited, effective 1 October 2013. This restructuring exercise has resulted in the consolidation of the suit manufacturing business in Silver Spark Apparels Limited. In view of this exercise the standalone performance of the Company for FY 2014 is strictly not comparable with that of the previous year.
During the year 2015, the company received the Bombay High Court order sanctioning the scheme of amalgamation of the company with erstwhile Trinity India Limited. The appointed date was 1 April 2013. Accordingly, the financial statements of this Company include the operations of both the Ring Gear Bearing and Forging Division.
During the year under review, Raymond Zambaiti Limited changed its name to 'Raymond Luxury Cottons Limited'. This company caters to niche high-value Luxury Cotton shirting customers. The erstwhile Joint Venture partner Cotonifico Honegger S.p.A. was declared bankrupt by an Italian Court. The bankruptcy proceedings are in progress. The Company's claim for a sum aggregating to Rs11 crore towards Export receivables has been admitted by the Italian Court Receiver. The Company has appointed an Italian Lawyer to protect its interest and attend to the legal proceedings in Italy.During the year 2015, Raymond Limited subscribed to the entire rights issue by the said Subsidiary Company and subscribed Rs20 crore of the Equity Share capital to help finance the expansion program of this subsidiary
In FY 2015, the Company had issued and allotted 10.20% - 750 Unsecured Redeemable Non-Convertible Debentures (NCD) Series G of Rs1000000/- each for cash at par aggregating to Rs75 crore on private placement basis. The aforesaid NCD Series is listed on Wholesale Debt Market (WDM) of National Stock Exchange of India Limited. During the year under review, 750 Unsecured Redeemable Non-Convertible Debentures (NCD) Series B of Rs1000000/- each were redeemed.
During the year 2016, the company had issued and allotted following 2 series of Debentures on private placement basis: i) 9.75% - 1000 Unsecured Redeemable Non-Convertible Debentures (NCD) Series H of Rs 10,00,000/- each for cash at par aggregating to Rs100 crore. ii) 9.52% - 1000 Unsecured Redeemable Non-Convertible Debentures (NCD) Series I of Rs1000000/- each for cash at par aggregating to Rs 100 crore. The aforesaid Series of NCD's are listed on Wholesale Debt Market (WDM) of National Stock Exchange of India Limited. During the year under review, 1000 Unsecured Redeemable Non-Convertible Debentures (NCD) Series A of Rs1000000/- each aggregating to Rs100 crore and 300 Unsecured Redeemable Non-Convertible Debentures (NCD) Series D of Rs1000000/- aggregating to Rs30 crore were redeemed on attaining maturity.
During the year 2017, the Company had redeemed following two series of Debentures on attaining maturity: i) 10.55% - 1000 Unsecured Redeemable Listed Non-Convertible Debentures (NCD) for Series C of Rs1000000/- each aggregating to Rs100 crore. ii) Zero Coupon - 350 Unsecured Redeemable Listed Non-Convertible Debentures (NCD) for Series E of Rs1000000/- each aggregating to Rs35crore. In April 2017, the Company had issued and allotted 8.35% - 1500 Unsecured Redeemable Non-Convertible Debentures (NCD) for Series J of Rs1000000/- each for cash at par aggregating to Rs 150 crore on private placement basis. The NCD's are listed on Wholesale Debt Market (WDM) segment of National Stock Exchange of India Limited.
On 21 September 2016, the company entered into a Share Purchase Agreement with Neel Metals Products Limited, to transfer by way of sale its entire equity share holding of 1,04,30,631 equity shares in its 50:50 Joint Venture Company namely; Rose Engineered Products India Private Limited (ROSE). Consequent to said transaction ROSE ceased to be an Associate of Ring Plus Aqua Limited and Raymond Limited.
Pursuant to Scheme of Arrangement between Color Plus Fashions Limited (CPFL) and Raymond Apparel Limited (RAL), the Ready-made Garments and Accessories Undertaking / Business of CPFL was demerged into RAL. RAL and CPFL obtained the approval of the NCLT, Mumbai Bench on 28 June 2017 for the said Scheme of Arrangement.
During the year 2018, the company closed its manufacturing unit of JK Files (India) Limtied at Kolkata (West Bengal) and provided Voluntary Retirement from Services (VRS) to employees at Kolkata.
During the year 2019-20, Company filed an application on March 12, 2020 involving Composite Scheme of Arrangement between Raymond Limited, Raymond Lifestyle Limited (RLL), Raymond Apparel Limited (RAL) and Scissors Engineering Products Limited (SEPL) with Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT), which proposes merger of RAL and SEPL with the Transferee Company i.e. Raymond Limited and consequently, post the merger, Scheme proposes a demerger of the Lifestyle business carried out by Raymond Limited and its subsidiaries into RLL.
During FY2022 the Company embarked on a journey of restructuring within the Raymond Group. The Board of Directors had approved a Scheme of Arrangement providing for demerger of B2C business including the Apparel business of Raymond Apparel Limited (RAL), wholly owned subsidiary into the Company. The Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) had on March 23, 2022 passed an Order sanctioning the Scheme. Accordingly, the Business Undertaking of Raymond Apparel Limited (RAL), the Company's wholly-owned subsidiary was merged into Raymond Limited with effect from April 01, 2021. The Board of Directors approved a Scheme of Arrangement for transfer of Company's Real Estate Business to Raymond Lifestyle Limited (to be renamed as Raymond Realty Limited), wholly owned subsidiary of the Company.