NCLT Clears Raymond's Engineering Business Consolidation, Defence Unit Spin-Off

Raymond Ltd. on Friday said the National Company Law Tribunal has approved its plan to consolidate the engineering businesses and carve out the aerospace and defence vertical into a separate entity. The company’s board had cleared the restructuring in May 2024.

Under the plan, the engineering businesses of JK Files & Engineering Ltd. and its subsidiaries will be merged into JKFEL Tools And Technologies Ltd. Group companies Ring Plus Aqua and Maini Precision Products will also be folded into JKFEL Tools. Meanwhile, the aerospace and defence operations will be demerged into Ray Global Consumer Enterprise Ltd.

This restructuring follows the recent demerger of Raymond’s real estate business into Raymond Realty Ltd., which debuted on the bourses this week at ₹1,000 per share.