ALSO READGitanjali Gems Q3 profit drops 73%, interest cost bites Gitanjali Gems reports standalone net loss of Rs 15.40 crore in the March 2017 quarter Gitanjali Gems reports consolidated net profit of Rs 5.15 crore in the March 2017 quarter Gitanjali Gems posts Q4 net profit at Rs 5.14 cr Gitanjali Gems unit Nakshatra World gets Sebi's nod for IPO
For reducing cost and improve efficiency of operationsGitanjali Gems announced that Gitanjali Group has undertaken consolidation exercise of Group's US business by way of merger of its US based subsidiaries / step down subsidiaries in the following manner:
Merger of Abbey USA LLC and Tri- Star Worldwide LLC into Gitanjali USA, Inc. and later the name of the surviving entity has been changed to Tri- Star Worldwide Inc.
2. Merger of Diamlink Jewelery Inc. and Jewelery Marketing Company LLC into Diamlink Inc. and later the name of surviving entity has been changed to Jewelery Marketing Company, Inc.
This consolidation exercise is undertaken with a view to reduce cost and improve efficiency of operations.
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