Gitanjali Gems today said the group has undertaken consolidation of its US business by merging four of the subsidiaries into two firms with an aim to bring down cost and improve operation efficiency.
In a BSE filing, the company said the group has merged Abbey USA LLC and Tri-Star Worldwise LLC into Gitanjali USA Inc. The name of the surviving entity has been changed to Tri-Star Worldwide Inc.
Diamlink Jewelery Inc and Jewelery Marketing Company LLC have been merged into Diamlink Inc and later the name of the surviving entity has been changed to 'Jewelery Marketing'.
"This consolidation exercise is undertaken with a view to reduce cost and improve efficiency of operations."
Shares of the company fell by 4.16 per cent to Rs 56.40 apiece on the BSE today.
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