Raymond Ltd leaves steel sector
Indian textile and apparel company Raymond Ltd, also having investments in steel sector is reportedly leaving steel industry, through selling its 16.4% stake in electrical and mild steel products manufacturing company EBG India Pvt Ltd to its German partner ThyssenKrupp Electrical Steel EBG GmbH (TKES). EBG India was established ThyssenKrupp and Raymond as a joint venture company, with the stake percentages 74% and 26% respectively. However, in July 2002, the company did not follow rights issue, so the shares of ThyssenKrupp increased to 83.6% and Raymond's fell to16.4%. Now, Raymond is selling its existing stake in EBG India and leaving steel sector.