Aston Luxury buys stake in Crown Aim

Gitanjali Gems’ wholly subsidiary arm Aston Luxury Group has

 acquired 100 per cent stake in Crown Aim, making Crown Aim as the step down subsidiary of the company. Crown Aim is a Hong Kong-based company engaged in the business of distribution of jewelry to China, Japan, US, Middle East and Europe. It also has a jewellery manufacturing unit in China and plans to setup retailing of jewellery in China. Crown Aim also has a 100 per cent subsidiary with the name Alfred Terry Holding and a step down subsidiary named Alfred Terry in London, for distribution of jewellery in UK.

For the financial year ended March 31, 2011, the company reported sales of Rs 5,122.47 crores and net profit of Rs 224.60 crores. The company shares gained after its announcement of acquiring stake in Aston Luxury Group was made.