Sky Gold & Diamonds Ltd strengthens Mangalsutra Business with strategic acquisition

Sky Gold & Diamonds Ltd., a leading manufacturer and exporter of gold and diamond jewellery, today announced that its wholly owned subsidiary, Starmangalsutra Pvt. Ltd., has entered into an non binding term sheet to acquire a majority stake in Shri Rishab Gold, a reputed Mumbai-based jewellery firm.

The partnership marks a significant step in Sky Gold & Diamonds' strategy to establish India's largest and most trusted mangalsutra-focused enterprise. Shri Rishab Gold, known for its strong presence in the mangalsutra segment, brings with it a rich client base that includes one of India's largest jewellery brands. This client relationship will be strategically onboarded by Starmangalsutra (subsidiary of Sky Gold & Diamonds), expanding its customer portfolio and deepening market penetration in the high-growth traditional jewellery segment.

The acquisition will also align Shri Rishab Gold's operations with Starmangalsutra's robust governance standards and efficient working capital model, enhancing synergies across product development, manufacturing, and distribution.

Commenting on the development, Mr. Mangesh Chauhan, Managing Director, Sky Gold & Diamonds Ltd., said: "This acquisition reinforces our commitment to building leadership in specialized jewellery categories. Shri Rishab Gold's reputation in the mangalsutra space perfectly complements our operational scale and design strength, helping us drive category growth and long-term value creation."

Mr. Kalpesh Jain, Partner, Shri Rishab Gold, added: "We are delighted to join hands with Starmangalsutra. Our collaboration combines decades of customer relationships and market expertise with Sky Gold's institutional capabilities, creating a strong platform for accelerated and sustainable growth."

The transaction is subject to customary closing conditions and requisite approvals.

Shares of Sky Gold Ltd was last trading in BSE at Rs. 334.05 as compared to the previous close of Rs. 327.10. The total number of shares traded during the day was 62174 in over 1745 trades.

The stock hit an intraday high of Rs. 338.80 and intraday low of 328.05. The net turnover during the day was Rs. 20838783.00.

Source : Equity Bulls

Keywords

SkyGoldandDiamonds INE01IU01018 Acquisition MajorityStake Starmangalsutra ShriRishabGold