Sky Gold subsidiary to acquire majority stake in Mumbai jeweller Shri Rishab Gold

New Delhi, Oct 18 (PTI) Sky Gold & Diamonds Ltd on Saturday said its subsidiary Starmangalsutra Pvt Ltd has signed a non-binding term sheet to acquire a majority stake in Shri Rishab Gold, a Mumbai-based jewellery manufacturer.

The deal is part of Sky Gold's strategy to build India's largest mangalsutra-focused business, the company said in a statement.

Shri Rishab Gold has a strong presence in the traditional mangalsutra segment and is counted as one of India's largest jewellery brands among its clients, Sky Gold said.

Starmangalsutra will onboard this client relationship as part of the acquisition.

The transaction will align Shri Rishab Gold's operations with Starmangalsutra's governance standards and working capital model, enhancing synergies across product development, manufacturing and distribution, the statement said.

"This acquisition reinforces our commitment to building leadership in specialised jewellery categories," Sky Gold Managing Director Mangesh Chauhan said.

Kalpesh Jain, partner at Shri Rishab Gold, said the collaboration would combine decades of customer relationships with Sky Gold's institutional capabilities.

The transaction is subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed.

Sky Gold is a manufacturer and exporter of gold and diamond jewellery. PTI LUX HVA