'Modali Gems Pvt Ltd' is Gitanjali Gems new JV company

New Delhi, Nov 6 (UNI) Jewellery firm Gitanjali Gems Ltd today said its joint venture (JV) company 'Modali Distributors Pvt Ltd' will now be known as 'Modali Gems Pvt Ltd'.

The JV company is engaged in the business of distributionship, primarily of jewellery and jewellery-related products, a company statement said.

The company plans to invest Rs 100 crore over two years for its domestic retail plans. It is in the process of establishing luxury malls and introducing international brands in the country.

Gitanjali Gems reported a 56 per cent increase in net profit at Rs 40.8 crore for the quarter ended September 30, 2007. The company's consolidated revenues grew by 56 per cent to Rs 1,132 crore as against Rs 738.8 crore in the same period last year UNI