15 July 2024, Mumbai
The demerged entity of the Rs 9,286-crore Raymond conglomerate, Raymond Lifestyle (RLL) has appointed prominent executives from India Inc as independent directors in preparation for a possible listing next month.
These newly appointed independent directors include VineetNayar, former CEO, HCL Technologies; GC Chaturvedi, former chairman, ICICI; AnishaMotwani, Board Member, Abbott; and Dinesh Lal, Board Member, Raymond. These appointments were made earlier this month.
GautamSinghania, Chairman, Raymond will assume the role of managing director of Raymond Lifestyle. Sunil Kataria, Current CEO, Raymond Lifestyle, will also join the newly formed board.
The diverse expertise and insights of these new board members will contribute to the company’s strategic vision and operational excellence, states Singhania. Their leadership will play a critical role in driving the company's long-term success and delivering value to our stakeholders, he adds.
The National Company Law Tribunal (NCLT) approved Raymond's restructuring plan, which included the demerger of its lifestyle business and the amalgamation of its consumer trading arm, in June 2024. Following the demerger, the Raymond Group will consist of three listed entities: Raymond Lifestyle, Raymond Realty, and Raymond.
Raymond Lifestyle will leverage its new governance structure to drive strategic vision and operational excellence, ensuring long-term success and value creation for stakeholders.
