A nearly 100-year-old Indian conglomerate Raymond Ltd. is looking to list its apparel and real estate units by the end of 2025 as the founders look to boost shareholder value.

The group, which oversees a motley mix of businesses ranging from engineering, aerospace to fashion and realty, will have three listed entities by next year, after Raymond Lifestyle Ltd. starts trading in Mumbai on Thursday and the real estate unit gears up for a 2025 listing, Chairman Gautam Hari Singhania said in an interview.

The aim of this restructuring is to dismantle Raymond’s conglomerate structure, which led to the “subdued valuations” for its businesses, he added. The parent will retain its engineering and auto components unit. Every investor will receive four shares of Raymond Lifestyle for every five held in Raymond Ltd.

The Mumbai-based business group that started as a wool mill in 1925 on the city’s outskirts is looking to bolster value for shareholders as well as give them the choice to invest only in specific Raymond businesses but not the others.

The parent, whose shares have surged 89% this year, is coming off a low in November when Singhania’s acrimonious separation from his wife had sparked uncertainty among investors and pared its market value.

The corporate governance issues “are a matter of the past,” Singhania said, adding that the company was plowing ahead with its expansion plans. “Our company is targeting the 400 million middle class of India.”

Raymond Lifestyle, known for its premium suits for men and wedding wear, is eyeing expansion in the 750 billion rupees ($8.9 billion) menswear market and leaning on India’s massive wedding industry to propel the next phase of growth, according to Singhania. Its rivals include Vedant Fashions Ltd. that sells popular wedding wear brand Manyavar, and Aditya Birla Fashion and Retail Ltd.

The apparel unit aims to double its Ebitda — Earnings before interest, tax, depreciation, and amortization — and open 900 new stores by 2028, he said. It currently has 1,518 stores in India and 48 overseas stores in seven countries, according to its latest annual report.