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Swarovski eyes 12% stake in Tara Jewels

By FashionUnited

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Austria-based Swarovski Group is in the final stages

 of acquiring 12 percent minority stake in Mumbai-based jewellery house Tara Jewels. This is the first such investment by the luxury and cut crystal maker in India, which has a worldwide turnover of around €2.87 billion (about Rs Rs 15,198 crores).

Though a formal announcement has not yet been made by both the companies involved, the deal is said to be valued at around Rs 500 crores. Trilegal and Deloitte are advising Swarovski on the deal. Sources say, Swarovski would hold the stake through its investment company, Crystalon Finanz, and the transaction would be a financial investment.

Swarovski’s products include a range of crystal glass sculptures and miniatures, jewellery and couture, home decor and chandeliers. The deal comes at a time when the Mumbai-based firm is at an advanced stage of launching its Rs 220 crores initial public offer, which is expected to hit the market in the next quarter. Enam Securities and ICICI Securities are the book running managers for the issue. Its draft red herring prospectus says, the IPO would include Rs 150 crores fresh issue of shares and a Rs 70 crores offer for sale by the US-based Fabrikant, which until a few years ago was one of the largest importers of diamonds from India.

Founded by Daniel Swarovski in 1895, the Swarovski Group had a turnover of €2.87 billion (Rs 15,198 crores) for the year ended December 2011. It owns over 1,200 boutiques and over 1,000 partner-operated boutiques with production located in eight countries worldwide.
Swarovski
Tara Jewels