Raymond Group, a diversified Indian business group, plans to invest INR 12 billion in Andhra Pradesh, focusing on the manufacture of garments, auto components, and aerospace products. According to a report by MoneyControl, The investment is part of the company’s broader diversification strategy beyond textiles into engineering, defence, and precision manufacturing.
Raymond’s entry into the aerospace and defence sectors began in November 2023, when it acquired a 59.25 percent stake in Maini Precision Products for INR 6.82 billion.
The investment proposal was announced amid a broader push by the Andhra Pradesh government to attract industrial projects. State-offered incentives include capital subsidies of up to 30 percent and electricity duty exemptions for ten years. Officials have indicated plans to develop the Andhra side of the Bengaluru border into an aerospace corridor.
Raymond has not yet issued a formal statement regarding the proposal.
The project is among 19 industrial proposals recently approved during the seventh meeting of the Andhra Pradesh State-Level Investment Promotion Board (SIPB), which cleared investments worth INR 285.46 billion.
Other approvals include Adani Group’s projects worth INR 189.1 billion in the renewable and hydro energy sectors, expected to generate approximately 10,500 jobs. Cognizant Technology Solutions India received clearance for a INR 15.83 billion centre in Visakhapatnam, projected to create 8,000 jobs. Reliance Consumer Products will invest INR 16.22 billion in a facility at Orvakal, while Chinta Green Energy has proposed a INR 23.23 billion green energy project in Kadapa.
Together, the 19 projects are expected to create employment for 30,270 people across Andhra Pradesh. To date, the SIPB has approved investments worth INR 5,346.84 billion, with an estimated 4,73,969 jobs.
Raymond is a diversified Indian business group with operations in textiles, engineering, and high-precision components. The company has recently expanded into aerospace and defence as part of its long-term growth strategy.
