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Gitanjali Gems likely to close PE deal by Feb: CMD

Gitanjali Gems likely to close PE deal by Feb: CMD
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First Published: Wed, Jan 05 2011. 02 21 PM IST
Updated: Wed, Jan 05 2011. 02 21 PM IST
Mumbai: Indian jewellery firm Gitanjali Gems Ltd is in “advanced talks” with two private equity players to raise up to $100 million, and hopes to close a deal by February, a top official said on Wednesday.
“We are looking for a strategic partner and are in advanced talks with two private equity players. We should be able to announce something by February,” said Mehul Choksi, chairman and managing director, told Reuters in an interview.
The company, which is currently undergoing restructuring, plans to divest 10-12% equity in the restructured entity.
Media reports earlier had said the Indian firm was in talks with global private equity firms Blackstone Group, CX Partners, Bain Capital, Advent International and Apax Partners to cut debt.
Choksi declined to name the private equity firms the company was talking to.
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First Published: Wed, Jan 05 2011. 02 21 PM IST