MC EXCLUSIVE Raymond plans Rs 1,200 crore investment in Andhra; garments, auto parts & aerospace in focus

Raymond Group

Amid the buzz around India’s fifth-generation combat jet project, Andhra Pradesh has chalked a new chapter in aerospace. Raymond Group, the textile giant, has announced a Rs 1,202 crore investment in the state with focus on aerospace among other segments.

The aerospace project is the first such investment in the segment since the success of Operation Sindoor. Chandrababu Naidu wants to develop the region bordering Bengaluru on the Andhra side as an aerospace corridor, officials told Moneycontrol.

The announcement by Raymond Group comes a month after a major tiff broke out between Andhra Pradesh and Karnataka over Naidu's proposal to shift the HAL production facility to Andhra Pradesh. So far, Hindustan Aeronautics has been manufacturing the fighter jets at its Bengaluru unit. However, with growing demand and repeated concerns around lapsed timelines, HAL has been looking for new locations. As of now, two HAL units are operating in Bengaluru and one is being set up in Maharashtra's Nashik.

Uttar Pradesh is also working towards developing a dedicated defence corridor. The state will see the production of BrahMos missiles to boost India's firepower.

What's on plate for Raymond

The Investment Promotion Board of the Andhra Pradesh Cabinet has approved incentives under the investment policy.

The initiative will generate more than 6,000 jobs, the official said. The state government has allotted 81 acres of industrial land for development of projects in Anantapur.

As part of the initiative, the state government has offered a slew of incentives that include up to 30% capital subsidy, power tariff reduction of Rs 1, 100% exemption of electricity duty for 10 years, and reimbursement of stamp duty on purchase of land.

Raymond Group: A brief profile

Raymond, a prominent Indian multinational conglomerate established in 1925, has a diverse business portfolio spanning textiles, engineering, and aerospace manufacturing. With its headquarters in Mumbai, India, Raymond Ltd operates through a network of production units, retail outlets, and global partnerships. Originally known as Raymond Woolen Mill, the company was established near Thane Creek in 1925 and was later acquired by Lala Kailashpat Singhania in 1944. With over 97 years of experience, Raymond is a textile powerhouse with advanced infrastructure and modern manufacturing capabilities, making it one of the fastest-growing fashion fabric brand.