Raymond Group to invest 425 crore in Maharashtra

JK Investors (Bombay) Ltd led Raymond Group has sealed an investment deal worth Rs 425 crore with the government of Maharashtra.

According to the group the agreement is aimed 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, all the formalities like permissions, registrations, approvals, clearances, fiscal incentives the state government will facilitate JK Investors (Bombay) were discussed during the Magnetic Maharashtra investors summit, The project would commence in FY 2018-19, it added.

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.