Gitanjali Gems, Indias leading jewellery maker, has pulled out of the race to buy US-based jewellery retail chain Whitehall due to differences on prices.
"We offered them a price which was not acceptable (to them)," company chairman Mehul Choksi told the media. Gitanjali was planning to buy 250 stores of Whitehall, out of the total 375 stores, along with the merchandise, which would have boosted the Indian companys presence in the US. "We are still looking at the option of buying 100 stores of Whitehall by participating in the chains liquidation process," said Mr Choksi.
The US jewellery retail chain, which had filed for bankruptcy recently, is learnt to be in talks with other US-based jewellers. Gitanjali Gems is also planning to expand its retail chain in the US, Middle-East and China