Gitanjali Gems buys Trinity Watch, Renaissance Retail

March 10th, 2008 - 6:57 pm ICT by admin  


Mumbai, March 10 (IANS) Gitanjali Gems, one of the leading jewellery makers in India, announced Monday that it has acquired Trinity Watch Co and Renaissance Retail Ventures for an undisclosed amount. The company has also, by way of incorporation of its wholly owned subsidiary Mohar Jewels, forayed into the business of providing gold loans and safe deposits vaults to entities and individuals, it said in a release.

Gitanjali, through its wholly owned subsidiary Gitanjali Lifestyle Ltd, would provide gold loans and safe deposits vaults to expand its product portfolio.

Trinity Watch Co is engaged in the business of sale of watches under its registered premium brand Iris. Trinity also distributes different international watch brands under license from various principals.

Renaissance Retail Ventures, the other company acquired by Gitanjali, is engaged in the business of promoting, conducting and managing retail stores as well as trading of silver, gold, platinum and diamond jewellery.

Shares of Gitanjali were trading at Rs.262.40, down 5.97 percent in the afternoon trade on the Bombay Stock Exchange.

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