Wednesday, December 20, 2006

Gitanjali acquires US-based Samuels

Gitanjali Gems has acquired 97% stake in Samuels Jewelers Inc, the 10th largest jewellery chain in the United States, for Rs. 200 crore. Samuels operates 97 stores across 18 states in the US with current revenue equivalent to Rs. 450 crores. The acquisition has been financed through internal accruals and proceeds of a recently concluded $110 million FCCB.

Read Business Standard, Reuters and India Infoline for more details

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