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GGL Gems plans expansion
GGL Gems plans expansion
Riding on a boom in the domestic diamond-studded jewellery segment,Gitanjali Gems (GGL)-an integrated diamond and jewellery maker-is going for an expansion plan.The proposed expansion plan involves an investment of more than Rs 300 crore and will be primarily funded by an initial public offering(IPO).GGL, through its arms and associates,currently retails some of the famous brands in the diamond industry here.Some of the popular brands like Nakshatra, Ddamas, Asmi,Gili and Ginnati are available through its outlets spread across the country.

The group is also associated with the Dammas group in the Middle East.GGLs expansion plan includes setting up of a SEZ in Hyderabad, and an additional jewellery manufacturing facility in Mumbai.Mehul Choksi of GCL told that the diamond market in India is projected to grow at around 20% PR ANNUM.India mainly imports rough diamond cuts,which are then polished before fitting them into diamond-studded jewellery -mainly for reexporting.The proposed IPO will consist of 17m equity shares of Rs 10 each in a 100% book-built issue.The issue will contribute 28.81% of the fully diluted post issue capital of the company.GGL had recently entered into strategic alliance with the World Gold Council to launch a range of jewellery called Gold Expression-mainly based on Italian designs.GGLs arm Digico has also joined hands with two other companies and formed a new company called Brightest Circle Jewellery.
Posted On : 12/28/2005 2:52:16 PM

GGL Gems plans expansion