Gitanjali Gems ties up with Modern India

New Delhi, July 31 (UNI) Gitanjali Gems Ltd today announced it has entered into a shareholder's agreement with Modern India Ltd to form a joint venture by way of subscription to equal number of equity shares of Modali Distributors Pvt Ltd.

The JV company will carry on the business of distribution ship primarily of jewellery and jewellery related products, operating a chain of jewellery shops, a company statement said.

Gitanjali Gems, an integrated diamond and jewellery manufacturing company, had recently acquired 100 per cent shares of Mumbai-based Desire Lifestyle Pvt Ltd, in line with the its policy of strategic acquisitions and expansion in retail operations.

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