Gitanjali Lifestyle buys 76% in Salasar Retail

Gitanjali Gems Ltd said on Wednesday its unit Gitanjali Lifestyle Ltd has acquired 76 per cent in Salasar Retail Ltd.

Gitanjali Gems Ltd said on Wednesday its unit Gitanjali Lifestyle Ltd has acquired 76 per cent in Salasar Retail Ltd.

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Salasar Ltd is a seller, retailer, trader and distributor of cloth, cotton, synthetics, silk yard and readymade garments, it said in a statement to the exchange.

Gitanjali Lifestyle also said that it will add 40 multi-format stores under its 'Maya' brand over three years and expects revenue of Rs 1,000 crore from multi-format stores, chief executive Devasish Dutta said on Wednesday. The 'Maya' branded outlets currently contribute about Rs 200 crore in sales annually. “We are just trying to integrate apparels with jewellery,” Dutta said.