Gitanjali Gems Ltd has bought the entire stake of its partner in the Indian JV Morellato India Pvt Ltd for an undisclosed sum, making it a wholly owned subsidiary of Gitanjali Gems.
The JV was formed in November 2007 between between Gitanjali Gems and Morellato & Sector Group of Italy with each partner holding 50% stake. Morellato participated in the JV through its subsidiary Armo Netherlands Finance BV.
Gitanjali Gems continues to hold on exclusive basis, the rights of marketing, promotion, sale and distribution of products of the erstwhile JV partner under the brand names Morellato, Sector (non-Swiss made collection), Roberto Cavalli, Just Cavalli and Miss Sixty etc.
Morellato is an Italian jeweller and watch maker, and also licensee for fashion groups such as Cavalli, Miss Sixty and Moschino. It also manufactures jewels, watches and accessories under its own brand.
Morellato India holds marketing, promotion, sales and distribution rights of Morellato, Sector (non-Swiss made collection), Roberto Cavalli, Just Cavalli and Miss Sixty watches in India.
Gitanjali Group's acquisitions in 2009
| Date | Target | Acquirer | Stake |
| Dec-09 | Salasar Retail Ltd | Gitanjanli Gems Ltd | 76% |
| Oct-09 | Spectrum Jewellery Ltd | Gitanjali Gems Ltd | - |
| Oct-08 | Alliance Jewelleries | Brightest Circle Jewellery Pvt. Ltd | 100 |
| Jul-09 | Diamlink Inc | Gitanjali USA | 51 |
| Jul-09 | MobileNXT Teleservices Ltd. | Gitanjali Gems Ltd | 70 |
Source: Money Control
| |
4126
3836
944
4256
972
|
|
17633
42
1639
25439
3002
|
|
1343
458
3139
32625
140
|
|
24534
|
|
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 28/01/10 |
Morellato India- Gitanjali Gems |
M&A |
Gitanjali Gems Limited |
- |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 24/04/12 |
IPO / Offerings |
Credit Suisse (International) Holding AG |
Tribhovandas Bhimji Zaveri Limited |
5.68 |
Completed |
| 07/02/12 |
Private Equity |
Leman Diversified Fund |
Su-Raj Diamonds and Jewellery Limited |
40.78 |
Completed |
| 05/01/12 |
IPO / Offerings |
|
Tara Jewels Limited |
41.64 |
Announced |
| 05/12/11 |
M&A |
Gitanjali Gems Limited |
Crown Aim Limited |
- |
Completed |
Company |
| Name | Promoters | Office | Competitor | Website |
| Gitanjali Gems Limited |
Mehul C. Choksi |
801/802, Prasad Chambers, Opera House, Mumbai-400004. Maharashtra, India. |
Shree Ganesh Jewellery House Limited
Orra Diamonds Private Limited |
www.gitanjaligroup.com |
| Bezel India Private Limited |
|
|
|
|
