Gitanjali Gems Plans To Acquire Italian Jewellery Firm

Gitanjali Gems is planning to acquire an Italian jewellery house.

Although Gitanjali Gems did not divulge the name of the target company or the size of acquisition, but according to the news sources, the target company could be DIT Group, known for its three celebrated jewellery brands — Io Si, Porrati and Nouvelle Bague.

The target company has presence across Europe and Arabian markets.

If this deal materialises, it will help Gitanjali Gems to expand in the global market, especially in European and the Middle East markets.

Transaction Reference: BS

Gitanjali Gems, the manufacturer and retailer of India’s leading jewellery brands like Nakshatra, Gili, D’Damas, Asmi, Gitanjali, Sangini, Gianti - store, Dia etc, plans to introduce each brand as a separate entity, with a minimum of 50 retail stores in India in a couple of years.

It has an operational presence starting from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, sprue grinding, filing, polishing and setting.

Gitanjali Gems runs over 130 retail jewellery shops in the US and 2,500 sales points in India. It also has presence in UK, Belgium, Italy and the Middle East to Thailand, South East Asia China, and Japan.

Earlier this year, Gitanjali Gems bought the entire 50% stake of its partner Morellato & Sector Group of Italy in the Indian JV Morellato India Pvt Ltd for an undisclosed sum, making it a wholly owned subsidiary of Gitanjali Gems.

Last year in June, Gitajali sold its entire stake in Ivida Technologies due to poor performance of technology sector and its intention to focus on core area of its gold business.

Other Past Acquisitions Of Gitanjali Gems:

Gitanjali Gems Ltd is entering into real estate business through its maiden residential project at Borivli, in Mumbai’s western suburb. Spread over 400,000 sq feet, the project comprises two podiums and two identical wings of 28-storied residential towers with ultra modern amenities, overlooking the Sanjay Gandhi National Park. The project is being developed by Gitanjali Infratech Ltd, a 100% subsidiary of the Gitanjali Group.

The land bank of about 400,000 sq feet at Borivli was vacant a year since the company’s jewellery processing factory was shifted to Dahisar and MIDC in Andheri. Now, it plans to build a residential complex on the land at an estimated cost of Rs 100 crore which will be borne by Gitanjali Gems and its real estate arm Gitanjali Infratech Ltd.

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February 14, 2011 12:50 AM

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