Sky Gold acquires jewellery manufacturer Ganna N Gold for Rs 225 crore
Sky Gold and Diamonds Ltd has acquired 100 percent stake in Mumbai-based jewellery manufacturer Ganna N Gold for Rs 225 crore ($26.4 million).
With this acquisition, Sky Gold will expand its product portfolio with its foray into manufacturing of machine-made and handmade bangles.
The company claims that Ganna N Gold's acquisition will improve its capability to fulfill 75 percent of the product requirements of gold jewellery retail store customers.
Commenting on the acquisition, Mangesh Chauhan, managing director of Sky Gold in a statement said, 'We are elated to welcome Ganna N Gold to the Sky Gold and Diamonds family. In line with our expansion strategy, we have now concluded our third acquisition in the past six months and in this process, explored synergies and strengthened margins.'
'The acquisition of Ganna N Gold comes with its own unique advantages. First, being a credible job work manufacturer, the company will enable us further to improve our product portfolio. Second, being an all-share swap deal and zero inventory business nature, there will be no immediate requirement for any additional cash flows,' he added.
Founded in 2021, Ganna N Gold has inhouse capability to offer customized designs and intricate patterns in gold bangles segment.
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