Gitanjali acquires complete stake in Gili and Modali

Gitanjali Gems Ltd. which is a stake holder in Gili India Ltd., has raised its current stake to 100%. The Gili brand is valued at Rs.850 million ($21.2 million). Gitanjali has shown interest to take the lead in increasing Gili’s market share by investing Rs.500 million ($12.4 million) over the next two years. It projects a raise in Gili’s market share from the present 45% to 65%-70% of the branded jewellery segment by 2010.

Gitanjali has also acquired all the shares in Modali Jewels Pvt. Ltd., which is a business arm to establish and operate a chain of Asmi showrooms. Modali, which was previously a joint venture company will now be a wholly owned subsidiary of Gitanjali.