Gitanjali Gems has acquired DIT Group SpA, which owns brands like Stefan Hafner, for $11 million
Leading jewellery brand Gitanjali Gems said it has acquired Italy-based jewellery firm DIT Group SpA, which owns brands like Stefan Hafner, for $11 million.
“We have acquired DIT Group Spa for $11 million,” Gitanjali Gems managing director Mehul Choksi told PTI.
DIT, a unit of Dubai-based jewellery group Damas International, had filed for bankruptcy and was under liquidation process with Civil Court of Alessandria in Italy.
“The liquidation process has been completed and we have got permission to officially acquire the assets of DIT Group Spa,” he said.
“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 working when DIT had sought to restructure debt,” he said.
Choksi further said that there is good brand equity of these brands in Italy and the takeover of the company will help Gitanjali with DIT’s Italian techniques and creativity for high-end products.
Gitanjali has brands such as Nakshatra, Asmi, Gilli and D’Damas.
On Tuesday, Gitanjali Gems ended 1.64% up at Rs297.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.23% to 18,308.66.
Sezal Glass will invest Rs686 crore to expand its business and venture into new and related businesses
Sezal Glass, which will receive Rs686 crore from sale proceeds of its float glass manufacturing unit to Saint-Gobain Glass India, will use the funds to expand its existing business and venture into new and related businesses.
Last week, it announced the sale of float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs686 crore.
“The funds realised from the transaction have been used by the company towards clearing all the bank debts first. The balance will be utilised for expanding its existing value added glass business, as well as venturing into new and related businesses through both organic and inorganic routes,” Sezal chairman and managing director Amrrut S Gada said in a statement.
With the sale proceeds, the company will be 100% debt-free with reserves to fund the growth, he said.
Saint-Gobain Glass India is a 100% subsidiary of the France-based Compagnie de Saint Gobain. The binding business transfer agreement was executed between the parties on 31 May 2011, a company statement said.
The sale was approved by the company’s shareholders by postal ballot. The manufacturing plant with a capacity of 550 tonne per day of float glass is of the caliber and technical know-how on par with any international glass manufacturer of repute, company said.
As a part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business in India with “Saint Gobain” for a period of five years.
The promoters have not received any separate non-compete fee from Saint Gobain and the entire sale consideration has been received by the company, Gada said.
PricewaterhouseCoopers were the Financial Advisors and SH Bathiya & Associates acted as the corporate advisors to Sezal Glass in this transaction.
Sezal Glass is a leading player in the architectural glass processing business in India. Apart from the float glass manufacturing business which has now been sold to Saint-Gobain Glass India, the company is a major player in the processing business.
On Tuesday, Sezal Glass ended 0.74% down at Rs4 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.23% to 18,308.66.
Apple payments to Nokia settle all litigations and have positive financial impact
Nokia said that it has signed a patent license agreement with Apple. The agreement will result in settlement of all patent litigation between companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission.
The financial structure of the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by Apple to Nokia for the term of the agreement. The specific terms of the contract are confidential.
“We are very pleased to have Apple join the growing number of Nokia licensees,” said Stephen Elop, president and chief executive officer of Nokia. “This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.”
During the last two decades, Nokia has invested approximately EUR43 billion in research and development and built one of the wireless industry’s strongest and broadest IPR portfolios, with over 10,000 patent families. Nokia is a world leader in the development of handheld device and mobile communications technologies, which is also demonstrated by Nokia’s strong patent position.
This agreement is expected to have a positive financial impact on Nokia’s recently revised outlook for the second quarter 2011 of around break-even non-IFRS operating margin for devices & services.