Mumbai: Diamond and jewellery manufacturer Gitanjali Gems has entered into an agreement with the Mineral and Metal Trading Corporation of India (MMTC), a leading bullion trader.
“The MoU will be a step towards the Gitanjali Group’s endeavour to expand its retail footprint and market share. We hope this association with MMTC is mutually profitable and strengthens the Gitanjali Group’s foothold in India,” Gitanjali Group’s Chairman Mehul Choksi said.
According to a release issued by Gitanjali Group, the MoU would be a synergy where both companies can bring the highest levels of commitments, business and industry expertise to aggressively garner growth.
The agreement would be extended into a joint venture, the release said, adding that Gitanjali Gems would invest Rs60 crore in the first phase of the joint venture.
“The JV would carry the business of establishing, acquiring, developing, managing and maintaining jewellery showrooms in the country and carrying out such other activities as may be incidental or ancillary thereto in furtherance of the business of the company,” the release said.
MMTC is the exporter of minerals from India and is handling more than 100 metric tons of gold and 500 metric tons of silver annually.