One of India’s leading suiting fabric producer Raymond Ltd has said that it plans to invest $5 million to launch its products in the West Asian and African markets through its subsidiaries, according to media reports. Raymond has informed the BSE that the company has recently sought internal approvals for incorporating new overseas subsidiaries, according to an agency report. The company said it is planning for a wholly owned subsidiary of the company in Dubai which will be engaged in trading of textile, apparel and related products in Middle East and Africa. It also informed the BSE that its wholly owned subsidiary Silver Spark Apparel Ltd (SSAL) in Sharjah, will invest to set up garmenting facility in Ethiopia, East Africa.
