New Delhi. Gautam Hari Singhania, chairman and managing director of leading textile and apparel company Raymond, has said that the company has received a “large number of offers” from global companies following the crisis in neighbouring Bangladesh and is ready to take advantage of this opportunity. Singhania told PTI that Raymond is ready to “take advantage” of the current situation. Raymond has invested in its garment plants to become the third largest suit-making company in the world.
Asked if he expects some apparel business to shift from Bangladesh to India, he said, “We are hopeful. We are looking at the proposal. Obviously it will take some time, but we are definitely getting positive signals on this.” He said India is better placed with its direct supply capabilities as companies like Raymond are present in both textile and apparel business, which will also save time for international brands on final supply.
Singhania said, “Bangladesh does not have a fabric supply. India has a great opportunity to take advantage of this fabric supply, because we have a fabric base here. They have (only) a garment base.” Singhania said Raymond’s capacity expansion has come online, which has happened at the right time.
“So we are fortunate to have these capabilities. We are always looking for opportunities,” he said. Though Indian labour may be more expensive than Bangladesh, “look at the totality of the situation. I have the fabric and direct supply. I save you time for which you pay me something.” Also, India is a politically stable country with a large middle class and very good consumption and manufacturing capabilities.