Gitanjali Gems acquires 90 pc stake of Italian firm
Gitanjali Gems has also incorporated a wholly-owned subsidiary, Gitanjali Resources, in Belgium with a view to explore and expand it's businesses in Europe.
By PTI |
MUMBAI: Jewellery-maker Gitanjali Gems Ltd today said it has picked up majority stake of Italian firm Glantti Italia S.R.L.
The company acquired 90 per cent stake in Milan-based Glantti Italia from its Dubai-located wholly owned subsidiary Gitanjali Ventures DMCC, Gitanjali Gems said in a filing with the Bombay Stock Exchange.
However, the company did not disclose any financial details of the said acquisition.
The Italian firm has become a direct subsidiary of the company following the acquisition, it said.
The filing added that the said acquisition has been aimed at growth of the branded jewellery business overseas and gain the designing and branding concepts expertise from Italy.
Gitanjali Gems has also incorporated a wholly-owned subsidiary, Gitanjali Resources, in Belgium with a view to explore and expand it's businesses in Europe, it said.
Besides enhancing its focus on business in European Region, the Belgium-based subsidiary would conduct core diamond and jewellery business in that continent, it added.
The company's business model now integrates all operations, from rough diamond sourcing, cutting, polishing and distribution, and jewellery manufacture, to jewellery branding and retail, as well as global lifestyle brands, in India and abroad.
Shares of the company closed at Rs 197.65, up 0.69 per cent from the previous close on the BSE.
The company acquired 90 per cent stake in Milan-based Glantti Italia from its Dubai-located wholly owned subsidiary Gitanjali Ventures DMCC, Gitanjali Gems said in a filing with the Bombay Stock Exchange.
However, the company did not disclose any financial details of the said acquisition.
The Italian firm has become a direct subsidiary of the company following the acquisition, it said.
The filing added that the said acquisition has been aimed at growth of the branded jewellery business overseas and gain the designing and branding concepts expertise from Italy.
Gitanjali Gems has also incorporated a wholly-owned subsidiary, Gitanjali Resources, in Belgium with a view to explore and expand it's businesses in Europe, it said.
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Besides enhancing its focus on business in European Region, the Belgium-based subsidiary would conduct core diamond and jewellery business in that continent, it added.
The company's business model now integrates all operations, from rough diamond sourcing, cutting, polishing and distribution, and jewellery manufacture, to jewellery branding and retail, as well as global lifestyle brands, in India and abroad.
Shares of the company closed at Rs 197.65, up 0.69 per cent from the previous close on the BSE.
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