As part of its restructuring, Raymond has entered into an understanding with EBG Gesellchaft (belonging to Germany's Thyssen steel group) for transfer of its steel division into a separate company, subject to approvals by appropriate authorities with effect from July 1, says the release. EBG and Raymond will hold 74 per cent and 26 per cent respectively in the venture. The fixed assets of the steel division will be transferred to the joint-venture company at a price of $106.5 million. This apart, theventure will also pay in cash for the net-current assets as valued on July 1, 1998. Raymond's gross turnover grew by 23.6 per cent to Rs 1,518.9 crore, against Rs 1,229 crore the previous year. Exports rose by 41 per cent to Rs 228.8 crore from Rs 158.1 crore the previous year. Other income increased to Rs 32.33 crore from Rs 15.65 crore. Total expenditure went up to 988.63 crore from Rs 833.11 crore. The textile division's gross turnover grew by 35 per cent to Rs 821.9 crore (Rs 610.5 crore).

The steel division's sales increased by 30.6 per cent to Rs 228.5 crore (Rs 174.9 crore). The company's files and tools division posted a modest growth in the production of steel files. with a rise in output by 2.2 per cent to 35.5 lakh dozens, and rise in sales by 6.3 per cent to Rs 112.4 crore.