Sky Gold and Diamonds Limited, a prominent name in the Indian jewellery manufacturing space, has announced the acquisition of 100% stake in Ganna N Gold, a Mumbai-based speciality gold bangles manufacturer. The transaction, valued at ₹225 crore, will be executed entirely through a share swap arrangement, with no cash outflow involved.

Founded in 2021, Ganna N Gold has swiftly emerged as a reputed B2B manufacturer known for its intricate handmade and machine-made gold bangles. The acquisition marks Sky Gold and Diamonds’ strategic foray into the bangles segment, expanding its presence across the jewellery value chain.

“This acquisition is a significant milestone in our expansion journey,” said Mr. Mangesh Chauhan, Managing Director and CFO of Sky Gold and Diamonds Limited. “It allows us to further diversify our product offerings, improve profit margins through synergies, and benefit from tax advantages under Section 115BAB. As the deal involves a 100% share swap and the target company has a zero-inventory model, it requires no immediate capital deployment.”

Ganna N Gold enjoys a favourable 15% corporate tax rate under Section 115BAB, compared to the standard 22% rate, enhancing overall profitability for Sky Gold and Diamonds on a consolidated basis. The acquisition also brings onboard Ganna N Gold’s experienced management and product design capabilities, known for their customized patterns and craftsmanship in gold bangles.

With this deal, Sky Gold and Diamonds consolidates its position as a diversified jewellery manufacturing group, now covering 75% of the typical product requirements of gold jewellery retailers across India. The company’s product portfolio now includes:

• Casting, 3D printed, stamping, and laser-cut jewellery (30% market share)
• Chains (20%) through Sparkling Chains Pvt. Ltd.
• Mangalsutras (10%) via Starmangalsutra Pvt. Ltd.
• Bangles (15%) with the latest Ganna N Gold acquisition

Established as a partnership in 2005, Sky Gold & Diamonds became a private limited company in 2008 and later got listed on BSE and NSE. It operates an 81,000 sq. ft. state-of-the-art manufacturing unit in Navi Mumbai and has offices in Andheri, Zaveri Bazar, and South India. The company employs over 850 people and supplies products to more than 2,000 retail outlets.

The group reported consolidated revenues of ₹2,489.8 crore for the first nine months of FY25, with EBITDA at ₹133.3 crore and PAT at ₹94.5 crore. Its current market capitalization stands at ₹5,100 crore. This acquisition marks Sky Gold and Diamonds’ third strategic buyout in just six months, following its earlier takeovers of Sparkling Chains and Starmangalsutra Pvt. Ltd.

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