The Raymond Group, under JK Investors (Bombay) Ltd, signed pacts worth Rs 425 crore with the government of Maharashtra. This would be to set up residential complex, commercial amenities, school project and sport complex in Nandgaon Peth, Amravati, the group said in a statement.
As per the MoU, signed during the Magnetic Maharashtra investors summit, the state government will facilitate JK Investors to obtain necessary permissions, registrations, approvals, clearances, fiscal incentives. The project would commence in FY 2018-19.
The first MoU is for a proposed investment of Rs 50 crore to set up a School Project and Sport Complex, while the second one is of Rs 375 crore for setting up a residential complex and commercial amenities with 2,000 houses. The Raymond Group recently inaugurated a new Greenfield Linen manufacturing facility in the newly created Textile Park in Nandgaon Peth, Amravati, under its subsidiary Raymond Luxury Cottons Ltd.