| Nilesh Parekh, chairman of Shree Ganesh Jewellery House, said on the sidelines of the launch of its retail outlet called 'Gaja' in Kolkata said the company will approach SEBI for approval of the IPO within December 2007. |
| Parekh did not disclose the amount of money that would be raised through the capital market, but he said it will be utilised for gaining a firm presence in the domestic jewellery market through its retail outlets. Corporation Bank, State Bank of India, ICICI Bank and Axis Bank are the bankers to the company. |
| "We will go for an IPO next year, the details of which will be disclosed at a suitable point of time," said Parekh. |
| Shree Ganesh is mainly into the business of exports, as last year, the privately held company had a turnover of about Rs 850 crore though exports chiefly in the Middle East and the South Asian countries. |
| Nearly Rs 150 crore was earned through the company's domestic wholesale business. |
| Parekh on Friday announced to foray in the retail business by opening its first branded showroom at Fort Knox, a jewellery showroom, in Kolkata. The company will open 10 such stores and 50 shopping shops across India by 2008. It is eying a turnover of about Rs 200 crore from the first year of its retail operations. |
| However, the company would remain focused on its export business, as for the fiscal 2007-08, it had set a target of Rs 1,500 turnover from exports, said Parekh. |
| This apart, Sree Ganseh would also open its third manufacturing unit this year at Domjur, near Kolkata. |
| Its existing manufacturing units are at Manikanchan and Dunlop Bridge near Kolkata. |
| The approximate investment in the third unit as well as the capacity enhancement of the existing units will be about Rs 40 crore. |
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