The boards of Raymond s various subsidiaries have approved a demerger of its engineering business to allow it to expand into sunrise sectors like aerospace, defense, and electric vehicle components. The merger will consolidate Raymond s engineering and MPPL businesses, aiming for profitable growth and segregation.
Raymond Engineering Demerger: Companies involved in formation of the scheme include JK Files & Engineering (JKFEL), JKFEL Tools And Technologies Limited (JKTTL), Ring Plus Aqua Limited (RPAL), Maini Precision Products Limited (MPPL), Ray Global Consumer Enterprise Limited (RGCEL) and other subsidiaries.
Raymond Ltd Q3 profit surges 93 6% at Rs 183 60 crore, revenue up 10 1% on-year financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The company noted that the improved operating and financial performance was due to strong revenue growth of 50 per cent in real estate business and over 20 per cent in the branded apparel business.