Gitanjali pays Rs 200cr for US-based Samuels

Gitanjali Gems has acquired Samuels Jewelers Inc, the 10th largest jewellery chain in the United States, for Rs 200 crore.

According to a release issued by Gitanjali Gems to the BSE today, the company has acquired 97% stake in Samuels, which operates 97 stores across 18 states in the US with current revenue equivalent to Rs 450 crore.

"The acquisition is being financed through internal accruals and proceeds of the recently concluded $110 million FCCB," the release added.