Raymond Ltd has informed that Silver Spark Apparel Ltd, a 100% subsidiary of Raymond Ltd, has entered into definitive agreements on December 08, 2011 to divest its entire equity holding of 7,40,000 Equity Shares of Rs. ten each (one third of the total share capital) held in the Joint Venture Company viz., Rayves Automotive Textile Company Private Limited, to T B Kawashima Company Limited, Japan.
The transfer of the equity holdings in the aforesaid entity will take effect on completion of all legal formalities on or before December 20, 2011.
Silver Spark Manufacturing UnitSilver Spark Apparel Ltd. is a wholly owned subsidiary of Raymond Ltd.; marking the group's foray into the Global Apparel Outsourcing market. Our unit manufactures suits and formal trousers catering largely to export markets.
The Raymond Group was incorporated in 1925 and within a span of a few years, transformed from being an Indian textile major to a global conglomerate.
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