Gitanjali Group's Mehul Choksi nominated for the Ernst and Young Entrepreneur of The Year 2008 awards
Mr. Mehul Choksi the scion of the Gitanjali Group the country's premier and largest integrated diamond and jewellery manufacturers and retailers have been nominated for the prestigious Ernst & Young Awards in the Entrepreneur of The Year 2008 category. To be held later in the year.
Tweet-- Celebrating entrepreneurs and the businesses they build and grow has been a priority for Ernst & Young for more than two decades. The Ernst & Young Entrepreneur of the Year is the most prestigious business award for entrepreneurs. The Entrepreneur of the Year award recognizes the men and women who excel at growing and sustaining market-leading businesses. They are pioneers and innovators in their respective businesses.
Thrilled Chairman and Managing Director of Gitanjali Group, Mr. Mehul Choksi said, “It is a moment of great pride and honour for us to have been nominated as the Entrepreneur of the Year by the most eminent jury. Our high quality, designs and hard-working team have won us this acclaim. I am looking forward to winning the actual award.”
The Indian business community waits with bated breath for these awards.
Notes to Editor
About Gitanjali Group
Gitanjali Gems Limited, a DTC sightholder, is one of the largest integrated diamond and jewellery manufacturers and retailers in India. Its operations include sourcing of rough diamonds from primary and secondary source suppliers in the international market, cutting and polishing the rough diamonds for export to its international markets, and the sale of diamond and other jewellery through GGL's retail operations in India, as well as in international markets.
GGL has recently been acknowledged as a super brand. Today GGL has more than 20 branded jewelry lines, 1,250 retail outlets and 35 franchise stores. In the
last few years it broke into the U.S. market, opened jewelry shops in China and began selling its brands in the Middle East. The company boasts a modern diamond processing plant and two jewelry-manufacturing units in Mumbai.
Gitanjali's growth has been remarkable. In the mid-1980s it produced just $7 million in annual revenue. The company went public in 2006 at $4.74 a share and hit a high of $12.43 last December before tumbling along with much of the Indian market. Recently it traded at $6.50, giving it a market capitalization of $555 million. Today the company is worth Rs 4500 crore.
The Company has diversified into the infrastructure space and is developing Special Economic Zones (SEZs) primarily for the Gems and Jewellery industry. The proposed sites for the SEZs are in Hyderabad, Panvel, Nagpur, Nasik, Nanded, Aurangabad and Kolkata. Further, Gitanjali has recently forayed into the Luxury retail business by launching its ‘Luxury Connexions (Lx)’ outlets housing global brands and world-class fashion stores.
The company has made a big splash in the luxury market. It has entered the lifestyle retailing aspects through its seven different formats i.e. Just Cuts (salon), Greggio(Silverware), Gitanjali Lifestyle, Bezel (watches), Gitanjali Jewellery, Gitanjali Fashion and Gitanjali Malls.