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Gitanjali Gems to transfer its stake in subsidiaries to GBL

13 Aug 2012 Evaluate

Gitanjali Gems has received an approval to transfer its stake held in its subsidiaries - Gitanjali Lifestyle, Gitanjali Jewellery Retail and MMTC Gitanjali to Gitanjali Brands (BL), a subsidiary of the company. The board at its meeting held on August 11, 2012 has approved for the same.

This step taken by the company is a part of realigning exercise to consolidate branded jewellery business in India. The company has been advised by KPMG for the same.

Pursuant to the above transaction, all the above companies i.e. Gitanjali Lifestyle, Gitanjali Jewellery Retail and MMTC Gitanjali will become subsidiaries of GBL. Once the process of above said transfer is completed, realigning exercise of Indian Jewellery Business will be concluded.

Gitanjali Group has 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, and polishing etc.

Peers
Company Name CMP
Titan Co 4362.85
Kalyan Jewell.India 413.00
Rajesh Exports 118.80
Senco Gold 338.50
Thangamayil Jeweller 3985.95
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