Cotonificio divests stake in cotton shirting JV Raymond Luxury

Italy-based Cotonificio Honegger S.p.A. has divested its entire 26.31% residual stake in Raymond Luxury Cottons Limited (RLCL), to joint venture (JV) partner Raymond Limited. The JV is in the business of high-value cotton shirting and has manufacturing facilities in Kolhapur and Amravati in Maharashtra. The turnover of the RLCL for FY 21-22 was INR 571.76 Cr. Luthra and Luthra was the legal advisor to Cotonificio on the deal. Raymond Limited and RLCL were advised by Gianni & Origoni on matters relating to Italian law, and by Shardul Amarchand Mangaldas on Indian legal aspects.