The Andhra Pradesh government has given the green light to two significant investments from Raymond Group , totaling ₹1,000 crore. These investments are set to bolster the state's aerospace and automotive manufacturing capabilities in the Sri Satya Sai district.

Investment Breakdown

Project Details

• JK Maini Global Aerospace Limited will establish an aerospace manufacturing facility to produce precision components for global OEMs and Tier-1 suppliers.
• JK Maini Precision Technology Ltd will set up an automotive component manufacturing unit.
• Both facilities are scheduled to commence operations by May 2027.

Government Support

The Andhra Pradesh government has committed to providing ₹700.00 crore in incentives under its industrial and aerospace policies to support these projects.

Approval Process

The State Investment Promotion Board, chaired by Chief Minister N. Chandrababu Naidu, approved these projects, marking a significant milestone in the state's industrial development.

Significance for Andhra Pradesh

This investment represents Andhra Pradesh's first aerospace investment under its new Aerospace Policy, potentially positioning the state as an emerging hub for high-tech manufacturing in India.

The approval of these projects demonstrates the state government's commitment to attracting large-scale investments and creating substantial employment opportunities. With over 5,400 jobs expected to be generated, these investments could have a significant positive impact on the local economy and skill development in the region.

As these manufacturing units are set to produce components for global OEMs and Tier-1 suppliers, they may also contribute to enhancing India's position in the global aerospace and automotive supply chains. This development aligns with the country's broader goals of becoming a manufacturing powerhouse and reducing dependence on imports in critical sectors.

Raymond , a prominent Indian textile and apparel company, has announced the completion of a survey conducted by the Income Tax Department at some of its offices across India. The company confirmed that it provided full cooperation throughout the process, emphasizing its commitment to transparency and compliance with regulatory authorities.

Survey Details

The survey, which was carried out under Section 133A of the Income Tax Act, 1961, commenced on September 26 and concluded on September 30. Raymond made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating its adherence to regulatory norms.

Company's Response

In an official statement to the stock exchanges, Raymond stated, "We hereby inform that the said action was completed yesterday evening, and the Company had extended its full co-operation on the matter." This prompt disclosure aligns with the company's commitment to keeping its shareholders and the public informed about significant developments.

Regulatory Compliance

The company's swift communication about the survey's completion reflects its proactive approach to corporate governance. Raymond has made the intimation available on its official website, ensuring easy access to this information for all stakeholders.

Market Impact

While the specific reasons for the Income Tax Department's survey have not been disclosed, such regulatory actions can often lead to increased scrutiny from investors and market analysts. However, Raymond's assurance of full cooperation may help in maintaining stakeholder confidence.

As the situation develops, investors and industry observers will likely keep a close watch on any further disclosures or outcomes resulting from this survey. Raymond's transparent communication about the process underscores the importance of regulatory compliance in the corporate sector.

The company continues to operate its business as usual, and no immediate impact on its operations has been reported as a result of this survey.