Fine Jewellery calls for IPO

Fine Jewellery India Ltd., intends to expand its diamond and diamond jewellery manufacturing business, for which it is raising approximately Rs.200 crore ($50 million) through an initial public offering (IPO). The Business Standard also quoted Fine Jewellery director Sohil Kothari stating that his company would be increasing its manufacturing capacity to 4,000 units per day by June 2009 and its domestic retail network over the next three years. The domestic venture of Fine jewellery is popularly identified as the ‘Nirvana’ diamond jewellery brand. As part of increased distribution, Fine would open five standalone outlets of Nirvana in the coming fiscal.