Raymond Ltd., just one of the world’s biggest producers of worsted wool fabric utilised to make excellent satisfies, is slicing fees by extra than a 3rd as people today shelter at household from the coronavirus outbreak.
The Mumbai-primarily based company is minimizing work opportunities, rents, and marketing fees to lower charges by as a great deal as 35% for the fiscal yr started April 1, Chairman Gautam Hari Singhania claimed in a virtual interview last 7 days. It has also sought to freeze mortgage repayments below a just one-time application supplied by the central lender.
“Raymond has taken this as an prospect to re-set,” Singhania claimed. “What we know is this is a disaster and we will stand powerful.”
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