Raymond sells stake in Rayves Automotive

Raymond has sold its stake in Rayves Automotive Textile

Company to Japan-based T B Kawashima Company. Rayves Automotive Textile was a JV between Silver Spark Apparel, a subsidiary of Raymond and Treves S A of France offering printed seating fabric for Tata Motors’ Magic IRIS.

Silver Spark Apparel manufactures suits and formal trousers catering largely to export markets. Its manufacturing facility is located at Doddaballapur near Bangalore having a capacity of producing 0.4 million suits, jackets and 2.0 million trousers annually. Incorporated in 1925, Raymond, the flagship company of the Vijaypat Singhania Group commands over 60 per cent market share in worsted suiting in India. It exports products to over 55 countries including US, Canada, Europe, Japan and the Middle East. The company operates in three divisions: textiles, engineering and aviation.