Silver Spark Apparel Ethiopia PLC, a wholly owned subsidiary of Raymond – the leading manufacturer, marketer and retailer of worsted suiting fabrics & ready to wear apparel, today inaugurated its Greenfield garment manufacturing facility in Ethiopia. Set up at Hawassa Industrial Park (HIP), with an investment of over INR 100 Crores, this foray is in line with the Group’s ambitions to increase its presence across International markets. This state of the art garment manufacturing facility that will primarily cater to United States of America and European Markets was inaugurated by His Excellency the Prime Minister of Ethiopia Mr. Hailemariam Desalegn along with Mr. Gautam Hari Singhania, Chairman & Managing Director Raymond Ltd.
Expected to generate employment for over 2500 people in the first phase, the commissioning of this unit will pave way for incremental job opportunities going forward. The workforce employed in this unit will be duly up-skilled by the highly experienced expatriate team from India.
This capacity expansion will mark Raymond’s entry amongst the Top 5 Leading Suit manufacturers in the world. Raymond has a notable presence in Garment manufacturing through its four expansive facilities in Bengaluru, Karnataka, since 2003 and has earned the trust and respect of its consumers. Commenting on this strategic move, Gautam Hari Singhania stated, Raymond is one of the world’s biggest comprehensively integrated Textile & Apparel conglomerate. With a clear direction of capacity augmentation, we continue to stay committed to Make in India and have invested in a green field project. It is a strategic decision to set up a garment manufacturing unit in Ethiopia to mitigate our risk as far as our exports are concerned. Reckoned for providing highest quality products, Raymond has earned the trust and respect of eminent brands across USA, Europe and Japan. In our endeavour to ensure price competitiveness, Ethiopia makes a compelling business case and enables us to serve our international customers. Leveraging the skillsets of garment manufacturing facilities on the domestic front, which are acquired over a period of time, this quantum leap into an international location for manufacturing has been triggered by both core competence and business considerations.”
In order to be globally price competitive for exports market, setting up a Garmenting plant in Ethiopia is a strategic move to ensure duty free access in key export markets such as USA and Europe. Also, The Federal Democratic Republic of Ethiopia offers manpower at a highly competitive rate, highly subsidised power, readymade Industrial Sheds that considerably reduces capital expenditure along with duty benefits which would induce global buyers to source from Ethiopia.
Christened as the Silver Spark Apparel Ethiopia PLC, this unit is amongst a host of other International Investors who have set up their facilities at the Hawassa Industrial Park. This Park would be an international hub of Garmenting – with representation of several Companies – world over.
Silver Spark Apparel Ltd. is one of the largest manufacturers of high end Suits, Jackets , Trousers & Shirts, exporting to leading international markets such as USA, EU and Japan. Silver Spark Apparel Ltd is the only Indian manufacturer with an expertise to craft Full Canvas Suits.
Shares of RAYMOND LTD. was last trading in BSE at Rs.736.85 as compared to the previous close of Rs. 731.15. The total number of shares traded during the day was 42269 in over 1462 trades.
The stock hit an intraday high of Rs. 748 and intraday low of 732. The net turnover during the day was Rs. 31268428.
