GGL to acquire 50% in Indian Institute of Jewellery
30 Aug '06
1 min read
Gitanjali Gems (GGL), an integrated diamond and jewellery maker, is acquiring 50 percent stake in the Modern India-promoted Indian Institute of Jewellery (IIJ).
The company was in the due diligence process and the deal was likely to be completed over the next few weeks, according to Mehul Choksi, Chairman, Gitanjali Group.
The IIJ set up in 2004 in Mumbai by the Modern India group offers different courses to the gems and jewellery industry.
Both companies have recently signed a 50:50 joint venture agreement under which they would be setting up a new company, Modali.
Modali will distribute the existing Gitanjali brands like 'Asmi' and 'Sangini' in addition to setting up a new chain of stores which would provide made to order jewellery for the customers.
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