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Gautam Singhania takes over as Raymond's MD

Vijaypat Singhania, 62, stepped down as the managing director of Raymond Limited and handed over charge to his son Gautam Singhania, 33, at a meeting of the board of directors held in Bombay today.

Raymond Limited is the pre-eminent leader in India's worsted textiles industry with a market share of 40 per cent. It has a strong interest and brand leadership in readymade garments, cement, denim fabric and steel. The company has thrived under the stewardship of Vijaypat Singhania who took over as chairman and managing director in 1980, when the turnover was a mere Rs 500 million.

Over these two decades, Raymond's has grown in size and stature and is today one of India's most respected brand names, a company media statement claimed.

''I have had a wonderful innings,'' said Singhania (senior), commenting on this development. ''On the eve of the millennium, we need new thinking, new ideas and young blood to enable the company to not only meet the challenges of the next century, but to convert them into opportunities. Gautam is a fine professional and my son, and I have full faith in his innate abilities and years of experience in all facets of our business. I am still executive chairman and will hopefully contribute towards the Raymond mission and vision. But we now look to Gautam to make our shareholders' and our own dreams come true."

Gautam Singhania has been actively involved in the affairs of Raymond for many years as a director, and lastly as its joint managing director. Amongst his accomplishments are the highly- successful launch of KamaSutra condoms, a greenfield world-class denim project, the Parx range of casualwear and several new initiatives in the marketing of the company's products and the adoption of contemporary information technology in its processes.

UNI

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