Raymond consolidates tools & hardware, auto parts biz into engineering biz

Board clears move to convert realty division into fully-owned subsidiary

Apparel and textile company Raymond on Monday said its board has approved plans to consolidate the tools and hardware and auto components businesses into engineering business for improving synergies and exploring monetisation options for deleveraging the company.

"The overall objective being value creation for shareholders. The engineering business has achieved scale and improved market share in both domestic and global markets. These businesses have demonstrated growth in EBITDA margins, generated free cash flows and are debt-free," it said.

Raymond said to achieve high growth momentum in real estate business, the board has also in principle approved the conversion of the