Vaibhav Gems Ltd. Receives $35 Million (US) Investment From Nalanda
Capital
JAIPUR, India (Business Wire EON/PRWEB ) October 31, 2007 --
Vaibhav Gems Ltd.
(NSI:VAIBHAVGEM), a multi-national company in the jewelry industry,
today announced an investment by Nalanda Capital’s
India Fund equaling 14.9 percent share of the company in the form of
Global Depository receipts and an additional 5% stake through warrants.
The total transaction size, if warrants are exercised, will be about US
$35 million.
Nalanda Capital Pte. Ltd. is a Singapore-based private equity investment
firm. The firm’s India fund closed at $400
million in late May 2007. Nalanda Capital Founder and Manager Pulak
Prasad will represent the firm on the VGL Board. Prasad was
previously managing director in India for the global private equity firm
Warburg Pincus.
“We at Vaibhav are very pleased to
have Nalanda Capital on our board,”
said Sunil
Agrawal, Chairman of Vaibhav Gems Ltd. (VGL). “We
look forward to their insights and expertise to take Vaibhav to the next
level.”
VGL has expanded over the past several years to include jewelry shopping
channels in the U.K., Germany and the U.S., 19 retail stores in
Caribbean and Mexico, its own manufacturing units in India, Thailand and
China and a wholesale operation. In 2005, VGL acquired New York-based STS
Jewels and its subsidiaries, which have continued to expand products
and territories.
“The Team at Nalanda Capital feels that VGL’s
business model and recent expansions show promise for long-term growth
and a wise investment for its fund as the company is well diversified
and vertically integrated,” continued Agrawal.
The team at Nalanda Capital has had a long and successful track record
of private equity investing in India. Given the peculiar nature of the
Indian private equity industry, the Nalanda team believes that the right
long-term investing model for India is to apply the private equity
discipline in the public markets. The team has successfully applied this
discipline in their professional careers before Nalanda.
About Vaibhav Gems Ltd.
Vaibhav Gems Ltd., through its subsidiaries, engages in the manufacture
and marketing of gemstones and jewelry primarily in India. VGL is the
largest exporter of colored gemstones from India and one of the largest
exporters of studded jewelry. VGL is a multi-national company having
offices across the globe in New York (www.stsjewels.com),
London (www.thejewellerychannel.co.uk),
Austin (The Jewelry Channel), Germany (www.derschmuckkanal.de),
Japan (STS Gems
Japan Ltd.), China (STS Gems China Ltd.), Hong Kong (STS
Gems Ltd.), and Thailand (STS
Gems Thai Ltd. and
STS Creations Thai Ltd.). VGL can be found online at http://www.vaibhavgems.com.
See the original story at: http://eon.businesswire.com/releases/nalanda/india/prweb565430.htm
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