Gitanjali Gems announced in end December 2010 that acquired 90 per cent stake in Milan based Glantti Italia S.R.L. Gitanjali acquired the stake from its Dubai-based wholly owned subsidiary Gitanjali Ventures DMCC. With the acquisition Glantti Italia S.R.L. become a direct subsidiary of the company. Gitanjali’s acquisition is aimed at growing the branded jewellery business overseas as well as to gain the designing and branding concepts expertise from Italy. Gitanjali Gems also incorporated a wholly owned subsidiary, Gitanjali Resources, in Belgium with a purpose to explore and expand its businesses in Europe and conduct core diamond and jewellery business.
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