Gitanjali Gems plans to buy U.S.-based retailer: paper
MUMBAI (Reuters) - Jewelry maker and retailer Gitanjali Gems Ltd (GTGM.BO: Quote, Profile, Research) plans to buy U.S.-based retail chain, Whitehall Jewellers Holdings, the Economic Times newspaper reported on Friday without naming sources.
The deal size for Whitehall, which recently filed for bankruptcy, will be 3.5-4 billion rupees, it said.
"We have great interest in the U.S. market and are looking to expand our operation in the U.S. through the M&A (mergers and acquisitions) route. We have enough cash on the balance sheet..." executive director G.K. Nair was quoted as saying.
He declined to comment specifically on the deal, the newspaper said.
The company could not be reached for comment immediately.
Gitanjali Gems has made two acquisitions in the U.S. to expand its U.S. retail presence.
(Reporting by Jasudha Kirpalani, Editing by Sunil Nair)
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