Shree Ganesh Jewellery House (SGJHL), manufacturer and exporter of jewellery, announced on Friday the formation of a joint venture with Italian company SALP SPA.
Nilesh Parekh, Chairman, SGJHL, said that the joint venture, Oroitalia Sales Pvt. Ltd., would set up a manufacturing facility for making light-weight gold jewellery. “It marks a step by SGJHL towards expanding its product portfolio and strengthening its global presence.” Mr. Parekh had indicated the company's plans in this direction in May this year.
Rs.100 cr investment
Talking to reporters, he said the products produced by Oroitalia would be retailed in India and in West Asia, Singapore and Hong Kong. He indicated that it might be exported to Italy too. A facility at an investment of Rs.100 crore, with an annual capacity of 10 tonnes, is being set up at SGJHL's integrated jewellery manufacturing complex in Domjur in West Bengal.
The unit is expected to be operational by March 2012, Mr. Parekh said.
This is among the first such ventures in India, where an Italian company is entering into a strategic relationship with a jewellery company for setting up a manufacturing base.
Alvise Martini Director SALP SPA said that India had established itself as one of the largest and fastest growing markets for gold and diamond jewellery.
SALP was established in 1978 and is among Europe's largest jewellery manufacturers.
On the proposed initiative for sharing some of its land with the State government for setting up a skill-development institute, Mr.Parekh said that things were moving in this regard. In a novel initiative, SGJHL is planning to give around 60,000 sq. ft. of its land to the government for setting up a training institute to hone the natural skills of the local craftsmen. The land would be leased to the Gems & Jewellery Export Promotion Council for setting up a skill development institute which would also train future managers and budding entrepreneurs.
