Raymond sets up plant in Ethiopia

Indian fabrics and apparel major Raymond is looking to capture the stitched garments market in Europe and the US by exporting products from its new Rs 100-crore plant in Ethiopia. The company has set a target of an annual revenue of about Rs 250 crore within a year from the plant here by exporting mainly to the two developed markets.

It is looking to cash in on duty-free access to the developed markets like the US and the Europe by setting up a plant here in Ethiopia, which has a trade pact with them.

”From this facility, we are looking at an annual revenue of about Rs 250 crore from the exports to Europe and America in a year or so when the scale will reach to 4,000 suits per day,” Gautam Singhania, Chairman and Managing Director, Raymond told. He said the new plant here would be significant cost competitive and the company is confident of luring global buyers to source the suits from Ethiopia.