Raymond Ltd has signed an agreement with Belgium-based UCO NV for combining denim business in a 50:50 JV company to be located in India, according to Raymond's sources.
As per the agreement, both companies would shift their denim businesses to the new company.
Following the MoU signed on February 06, Raymond and UCO NV along with its subsidiaries would combine their denim businesses in the proposed company, it added.
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