Shree Ganesh Borrows $541 Million for Diamond Stud Expansion
Shree Ganesh Jewellery House Ltd. (SGJ), an Indian maker of gold and diamond jewelry, signed 27.7 billion rupees ($541 million) of loans, according to data compiled by Bloomberg.
The debt includes a 12.3 billion rupee letter of credit, a 13.9 billion rupee bill discounting facility and a 1.5 billion rupee cash credit facility, the data show. All have a tenor of one-year, according to the data.
State Bank of India (SBIN) and Axis Bank Ltd. led the financing and were joined in syndication by 21 other Indian lenders.
Shree Ganesh Jewellery is planning to expand its product range by setting up facilities for diamond-studded jewelry and machine-made Italian jewelry at new facilities at Domjur and Mondalpara in West Bengal, according to Bloomberg-compiled data.
The Kolkata-based company also plans to widen its retail outlet network across India, the data show.
To contact the reporter on this story: Katrina Nicholas in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Shelley Smith at email@example.com