Raymond’s is penetrating the Andhra Pradesh industrial space and its retail segment with an investment of Rs 1200 crore.
Raymond’s is targeting garments, auto parts and aerospace as part of AP’s new industrial drive alongside Rs 28,546 crore in SIPB (State Investment Promotion Board) approvals, according to a story in Money Control.
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The AP government has created a buzz around fifth-generation combat jet project. Raymond Group, the textile giant, has announced an investment of Rs 1202 crore with focus on aerospace apart from other segments.
The aerospace project is said to be the first such project following Operation Sindoor. AP CM Chandrababu wants to develop the border along Bengaluru as aerospace hub and this is an important step forward.
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The entry of Raymond’s is crucial as it comes following a face off between AP and Bengaluru with Chandrababu trying to shift HAL (Hindustan Aeronautics Limited) production facility to AP.
This initiative will get 6000 jobs and the AP government has allotted 81 acres of industrial land for development of projects in Anantapur.
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To push forward its drive, the AP government has given a lot of incentives to Raymond’s. There will be 30% capital subsidy. Power tariff reduction of Rs 1100%, exemption of electricity duty for 10 years and reimbursement of stamp duty on the purchase of land.
