Gitanjali acquires two companies, forays into gold loans

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Mumbai, Mar 10 (UNI) Gitanjali Gems today announced that it had acquired two companies, trinity Watches Private Company and Renaissance Retail Venture besides floating its own gold loan venture.

Trinity Watch Company sold watches under its registered premium brand 'Iris'. The Company also distributed various international watch brands under license, the Company release stated.

In continuation of its strategic acquisition policy, the Company also acquired Renaissance Retail Venture through its wholly owned subsidiary, Gitanjali lifestyle (RRVPL).

RRVPL was engaged in the business of promoting, conducting and managing retail stores, dealing and trading in all sorts of silver, gold, platinum and other diamond studded jewellery. ''Lucera'' is one of the premium brand owned by RRVPL.

The Company in a third announcement said it forayed into the business of providing gold loans, safe deposits vaults through incorporation of its wholly owned subsidiary in the name of ''Mohar Jewels''. The main objects of the new company inter alias includes providing safe deposit vaults and gold loans to individuals, entities or any other person and to do the business of manufacturing, buying, selling, importing, exporting of diamonds and other precious stones, the release said.

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