Gitanjali Group Acquires Indian Retail Chain

The Salasar chain will be re-named “Maya by Gitanjali Lifestyle” and will give Gitanjali access to cities like Delhi, Cuttack and Kanpur with its acquisition of Salasar’s 10 stores in Northern India.

Gitanjali plans to open additional stores throughout India and expects to gain Rs. 10 billion ($214.45 million) in revenues from over the next three years, 60-70 percent of which will come from jewelry sales.

“This acquisition is part of the company’s plans to greatly increase its retail footprint and firmly position its jewelry retail operations within the larger luxury-lifestyle space,” said Mehul Choksi, chairmen and managing director of the Gitanjali Group.