With reference to the earlier announcement related to signing of memorandum of understanding with MMTC Ltd (MMTC), one of country’s leading international trading company, Gitanjali Gems Ltd has announced that it has executed a tripartite share purchase agreement with MMTC and the newly formed joint venture Company MMTC Gitanjali Pvt Ltd (MGPL), as a party to it.
MGPL will be engaged in establishing, developing, managing, and maintaining retail jewellery showrooms and carrying out such other activities as may be necessary or incidental thereto, said the company in a filing to Bombay Stock Exchange.
Gitanjali Gems operates in diamond and jewellery, retail, infrastructure and lifestyle businesses. The company is a pioneer in introducing branded jewellery in the country and has a dominant presence in retail jewellery with brands including D’Damas, Asmi, Sangini, Nakshatra and Gili. With a network of 1,250 outlets, the company has more than 120,000 square feet of retail space and is planning to increase it up to 650,000 square feet in the next two years. Additionally, the company also operates 143 retail jewellery stores located across the United States through the acquisitions of Samuels Jewelers and Roger Jewelers.
— IndiaRetailing Bureau