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Gitanjali Consolidates Retail Segment to Streamline Operations
Apr 22, 2015 3:41 AM
By Deena Taylor
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RAPAPORT... Gitanjali Gems will consolidate its various jewelry retail subsidiaries as part of the group's effort to streamline operations by reducing costs and improving cash flow, the company reported.
In a note to the Bombay Stock Exchange (BSE), Gitanjali confirmed that its board approved the merger of Asmi Jewellery India Ltd. and Spectrum Jewellery Ltd. with Nakshatra Brands Ltd. All three entities are step-down subsidiaries of the company.
Meanwhile, Gitanjali Jewellery Retail Ltd. and Gitanjali Lifestyle will be merged with GILI India Ltd., which is also step-down subsidiary.
The company explained that the consolidated business model will help unlock future value and enable synergies for sourcing, manufacturing, distribution, exporting and retailing in an efficient manner.
The group's consolidation is subject to approval of the High Courts and all other statutory approvals required by law.
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Tags:
Asmi Jewellery, Deena Taylor, Gitanjali, jewellery, Jewelry, Nakshatra, Spectrum Jewellery Ltd
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