Shyam Star Gems, a manufacturer and exporter of high-end diamond studded jewellery, is in an advanced stage of negotiations to acquire Dubai-based Thamina Diamonds.
The acquisition will add $50 million to the Mumbai-based company's turnover. The deal is likely to be sealed in the next two quarters.
The company proposes to raise $5 million through a GDR issue or qualified institutional placement। While part of this will be used to fund the Thamina deal, the rest will be used to for overseas business acquisitions and investments in new joint ventures.
Despite repeated attempts, the company's managing director Savji Patel could not be reached.
Shyam Star's business model stands on three main activities - sourcing of polished diamonds, manufacturing of diamond studded jewellery, and exporting jewellery.
It exports to countries like the UK, Middle East, Hong Kong, Singapore and Australia. It has recently set up a process and manufacturing facility in the Surat SEZ.
The acquisition will add $50 million to the Mumbai-based company's turnover. The deal is likely to be sealed in the next two quarters.
The company proposes to raise $5 million through a GDR issue or qualified institutional placement। While part of this will be used to fund the Thamina deal, the rest will be used to for overseas business acquisitions and investments in new joint ventures.
Despite repeated attempts, the company's managing director Savji Patel could not be reached.
Shyam Star's business model stands on three main activities - sourcing of polished diamonds, manufacturing of diamond studded jewellery, and exporting jewellery.
It exports to countries like the UK, Middle East, Hong Kong, Singapore and Australia. It has recently set up a process and manufacturing facility in the Surat SEZ.
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