India's Largest Database on New Projects
Gitanjali Gems acquires Italian company
14 June 2011: Gitanjali Gems has acquired Italy based jewellery firm DIT Group Spa, which owns brands like Stefan Hafner, for $11 million (approx Rs 48.95 crore).
The liquidation process has been completed and Gitanjali Gems has got permission to officially acquire the assets of DIT Group Spa. Along with DIT Group Spa, Gitanjali has acquired its operating vehicle `BLU Srl', which was set up to help the four brands (Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague) keep on working when DIT had sought to restructure debt.
DIT, a unit of Dubaibased jewellery group Damas International, had filed for bankruptcy and was under liquidation process with Civil Court of Alessandria in Italy.
Source: Financial Chronicle