Raymond To Diversify Into Air Transport

Raymond Ltd, the flagship company of the Vijayapat Singhania group, is diversifying into the transport business. It is entering the business of manufacturing, dealing, assembling, importing, exporting, repairing of aeroplanes, hovercrafts and helicopters and machines capable of being flown in the air

Besides entering the field of airline transport, Raymond also intends to be proprietor, owners and charterers of road vehicles and ships.

The company has diverse business interest in textiles, steel, denim and cement.

At its 72nd annual general meeting held in Ratnagiri, yesterday, the company obtained shareholders approval to enter the transport business.

Further, the shareholders approved the appointment of B V Bhargava as director while Minoo R Shroff and Nana Chudasama were re-appointed on the board of the company.

 

Bhargava is the former vice chairman and managing director of ICICI and is currently the chairman of the Rating Committee of Credit Rating and Information Services of India Ltd.

Raymond registered a dip in net profit at Rs 12.68 crore for the year ended March 1997 as compared to Rs 96.46 crore in the previous year. The companys turnover however rose to Rs 977.77 crore from Rs 892.21 crore in 1995-96.

The companys performance was mainly affected due to inter-union rivalry, labour strikes, and power shortages in the cement plant. It also faced poor demand for its worsted fabrics and steel.