rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Raymond, Belgian co ink JV

Raymond, Belgian co ink JV

June 01, 2006 16:00 IST
Raymond Ltd said on Thursday it has entered into a definitive agreement with Belgium-based UCO NV, for combining the denim business in a proposed 50:50 joint venture company to be located in India.

Under the agreement, both the companies would transfer their respective denim businesses to the proposed joint venture company, Raymond informed the Bombay Stock Exchange.

Pursuant to the memorandum of understanding signed on February 8, Raymond and UCO NV along with its subsidiaries would combine their denim businesses in the proposed JV company, it added.

The completion of the transaction is subject to requisite regulatory and other approvals. The shares of the company were trading at Rs 458.90, down 2.57 per cent at the BSE.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group

© Copyright 2014 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.