Gitanjali Gems fully buys Giantti Italia

Gitanjali Gems today said it has fully acquired Giantti Italia SRL.

Gitanjali Gems today said it has acquired 10 per cent stake in Giantti Italia SRL from Ambio SRL for an undisclosed amount,thus making the Italian jewellery company fully-owned subsidiary.

In a filing to the Bombay Stock Exchange (BSE),the company said it has acquired the remaining 10 per cent stake in Giantti Italia SRL.

“The company has acquired the said stake from Ambio SRL on June 16 this year,” the filing added.

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Besides,designing and branding expertise from Italy,the acquisition would help Gitanjali Gems to grow its overseas business.

“The acquisition is aimed at growth of the branded jewellery business overseas and gain the designing and branding concepts expertise from Italy,” it said.

The announcement comes within 10 days of the company acquiring Italy-based jewellery firm DIT Group SpA.

Gitanjali has brands such as Nakshatra,Asmi,Gilli and D’Damas in its stable.

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Shares of the company closed at Rs 280.20 on the BSE,down by 3.65 per cent from the previous close.