Muscat – Oman-India Joint Investment Fund II (OIJIF II) has invested Rs750mn (approximately US$9.9mn) in Kolkata-based jewellery retailer Senco Gold Ltd, according to Indian media reports.
OIJIF is a joint private equity investment fund between Oman Investment Authority and State Bank of India, India’s largest public sector bank.
The investment by Oman India Joint Investment Fund II in Senco Gold will be through equity for a minority stake, according to a statement quoted by media.
The funds raised will be utilised to make Senco Gold an omni-channel jewellery brand of national level. This is part of Senco Gold’s pre-IPO plans, and the company is planning to file its initial public offering documents soon, a PTI report said.
Senco Gold, which operates 127 showrooms across the country, is one of the largest organised jewellery retailer in eastern India.
In a report published by TheHindu, Srinath S, CEO of OIJIF MC, said, “Senco Gold has a brand presence in its home markets and growing in the rest of the country. It figures amongst the few jewellery chains to have successfully established a franchisee showroom network. It is also leveraging e-commerce to build a strong direct-to-consumer retail presence for its lightweight and modern jewellery range – Everlite.”
Suvankar Sen, managing director and CEO of Senco Gold, said, “With the pandemic now receding, the company is well positioned for an expansion of its showroom network as well as building its digital presence.”
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).