Raymond: Subsidiary commissions new plant
Raymond Limited’s subsidiary, Ring Plus Aqua (RPAL) announced the opening of its third manufacturing facility at Sinnar. Along with the two plants established earlier, this plant will produce starter ring gears, transmission flex-plates and integral shaft water pump bearings.
The company supplies these components to OEMs including BMW, Ford, Maruti-Suzuki, Hyundai, Honda, Tata Motors, Mahindra & Mahindra, Fiat, Cummins, VECV and Caterpillar.
The company's primary focus is on developing specialised products in order to withstand competition and achieve profitable and sustainable growth.
The new facility will be focused on improving safety practices, energy efficiency and environmental-friendly processes. It will have a capacity of 2 million ring bearings per annum. Using the concept of single piece product-line, the plant will be scaled up to 8.2 million pieces of ring bearings per annum. It will cater to the global industrial and automotive markets. Furthermore, this new plant will also generate an additional 200 employment opportunities. By means of this plant, RPAL will expand its global footprint by acquiring new customers in both the domestic as well as international markets.
On Friday, the shares of Raymond opened at Rs. 853.15 and hit a high and low of Rs. 854.05 and Rs. 823.60, respectively. At 3:06 pm, the stock was trading at Rs. 831.00, down 2.07 per cent.