LVMH’s Gitanjali Investment: Choksi Declines Comment on Acquisition
February 14, 11
(IDEX Online News) – Gitanjali Group Chairman Mehul Choksi declined comment when asked to confirm reports that French luxury group LVMH had bought a significant minority stake in Gitanjali Gems. “We are in a silent period,” he told IDEX Online.
LVMH has reportedly bought a stake in the planned Gitanjali Gems unit that will control the group’s branded jewelry and retail businesses.
Reuters reported that the deal was valued at $100-$125 million and that the acquisition was being made through LVMH’s L-Capital Asia fund. The news agency also reported that N.M. Rothschild and Keynote Corporate Services were acting as advisors to Gitanjali Gems and that L-Capital spokesperson Anuradha Raja had earlier declined comment.
Gitanjali stock rallied 4 percent after the report.