Gitanjali Gems JV Update

With reference to the earlier announcement regarding Joint Venture with ARMO Netherlands Finance B.V., Gitanjali Gems Ltd has informed that the Company has signed the Joint Venture Agreement with Netherlands based ARMO Netherlands Finance B.V. to form a Joint Venture Company 'Morellato India Pvt Ltd', by way of subscription to equal number of equity shares of the proposed Company. The effectiveness of this Joint Venture Agreement is subject to the fulfillment of certain conditions precedent.

Further the Company has informed that, the proposed joint venture Company will carry on the business of importing, wholesale, distribution and manufacture of watches, leather goods, writing instruments, jewellery and other products under the brand names Morellato, Miss Sixty, Just Cavalli, Molecole, John Galliano, Roberto Cavalli, Philip Watch, Pirelli, Pirelli Pzero, Sector, Moschino and such other brands as may be agreed between the Joint Venture Partners.