Fine Jewellery proposes expansion

Jewellery manufacturer Fine Jewellery India Ltd. has outlined an expansion venture worth around Rs.115 crore ($26.8 million), as reported by PTI. To fund this venture, the company has proposed to raise $25 million through private equity within the next six months, and float an initial public offering (IPO) for additional funds.

The funds will be employed in enhancing its manufacturing facilities and the reach of its domestic retail division. Presently, it retails its in-house brand ‘Nirvana’. It has planned to open 30 jewellery outlets across India in the following three years. Also, its current manufacturing capacity from the present of 1 million jewellery pieces and an installed capability to employ 500,000 million carats of diamonds a year. The company is based in Mumbai, India.