Rajesh Exports to buy OyzterBay retail chain

New Delhi, Mar 16 (UNI) Gold jewellery exporter Rajesh Exports Ltd today said it plans to acquire the retail network of jewellery chain OyzterBay and also set up a retailing unit at an investment of Rs 100 crore.

Rajesh's board has approved the acquisition and an investment of Rs 100 crore for setting up the new retail subsidiary.

Rajesh would pay Rs 11 crore to OyzterBay founders and offer them a 20 per cent stake in the retailing subsidiary. OyzterBay is one of the largest chains of branded retail jewellery in India.

As part of the agreement with OyzterBay, the company will acquire its entire retail business, including all 36 exclusive retail stores, retailing systems, management systems, software packages, customer database and other retail assets, Rajesh Exports said.

The Board has also cleared setting up a subsidiary for branded retailing of gold jewellery.

The entire retailing team of OyzterBay will join the new retailing subsidiary.

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