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Gitanjali Lifestyle Subsidiary Acquires B Vijay Retail Jewelry Firm

July 29, 08 by IDEX Online Staff Reporter

Gitanjali Gems has announced that its wholly owned subsidiary Gitanjali Lifestyle Ltd has acquired B Vijay Retail Ventures Pvt Ltd. Details of the move, which Gitanjali says is in line with its strategic acquisition policy, were not disclosed.

 

B Vijay, owns the 'HooP' brand in India and retails diamond jewelry in gold, silver and other precious metals.

 

During the last year, Gitanjali has entered into a number of tie-ups and joint ventures with overseas companies to market their branded jewelry, watch and other lifestyle products. It has also acquired a number of jewelry and watch brands within India.

 

There are also reports in the media claiming that the company is making a bid to buy bankrupt retail chain Whitehall Jewelers at a price of Rs. 35-40 million ($814,000-$931,000). Gitanjali has declined to comment specifically on the deal, but Executive Director G.K. Nair said that the firm is in a position to leverage its balance sheet for possible acquisitions.

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