Kolkata-based Shree Ganesh Jewellery House Limited is planning to raise around Rs 200 crore by introducing an initial public offering (IPO) by March next year. The company plans to use the funds in setting up a network of around 15 standalone stores under the name of ‘Gaja’ across India.
Speaking to media at the sidelines of the India International Jewellery Show (IIJS) 2008, Umesh Parekh, MD, Shree Ganesh, said, “We have already opened four outlets — two in Kolkata and one each in Ahmedabad and Chandigarh — and are due to launch one in Bangalore next month.”
The company has also tied up with Vishal Retail to open around 50 shop-in-shops by the end of the current fiscal. “We have already opened five of these in Delhi and Chandigarh and will focus on expanding in North India,” Parekh added.
Shree Ganesh manufactures and retails 11 brands including Gaja, Sitaare (for children), GM Gold, Marigiold, and YOU (18k diamond heart collection).
On the international front, Shree Ganesh has an existing ‘Gaja’ store in Dubai in association with Damas, and one duty free outlet at the Dubai International Airport. It is also in the last stages of negotiation to set up duty free outlets at airports in Abu Dhabi, Singapore, Hong Kong and in United Kingdom.