Wednesday, 14 December 2011

Raymond's Sells Rayves Automotive Textile To Japanese Firm

Rayves Automotive Textile Company Private Limited, which was till now having a Joint venture with its Japanese partner T B Kawashima Company Limited will now be completely owned by the Japanese partner. The Indian partner Raymond's group has sold its stake and has exited from the JV.

The Joint venture, Rayves Automotive Textile Company Private Limited manufactures printed seats fabric for Tata Motors Magic IRIS. The shares earlier were held equally  by Japanese partner T B Kawashima and Silver Spark Apparel Limited, which was in turn completely held by Raymond Group.

Founded in 2009, TB Kawashima was established as a company that specializes in fabrics for the transportation segment. It was formed by merging the automotive fabric divisions of Toyota Boshoku and Kawashima Selkon Textiles, and Tatsumura Textile AI.In October 2011, TB Kawashima merged with its former subsidiary Kawashima Echigawa Factory Ltd. to establish an integrated system that can respond more rapidly at every step, from development to production.

The company operates in three divisions viz Textiles, Engineering and Aviation.


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