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Gautam Singhania at Raymond helm

Our Bureau

MUMBAI, Sept. 6

MR. GAUTAM Singhania today took over as the Chairman and Managing Director of Raymond Ltd from his father, Mr. Vijaypat Singhania, who stepped down as Executive Chairman.

However, Mr. Vijaypat Singhania has been appointed the Chairman Emeritus by the company's board which met here today.

The 62-year-old Mr. Vijaypat Singhania had relinquished the post of Managing Director of the textile major a little over a year ago in favour of his 35-year-old son, Mr. Gautam Singhania.

``It is with a deep sense of satisfaction and pride that I pass the torch to my son. We need young blood and free thinking to lead us to success in the new millennium, and as a bright young man, my son has shown what it takes to lead the company professi onally to greater heights,'' said Mr. Singhania senior, who has been at the helm since 1980.

Mr. Gautam Singhania said the company would leverage its brand equity to strengthen its core business of textiles. The company also plans to expand its retail network. Recently, the company had sold its cement business to Lafarge of France.