A salesperson shows gold bangles to a customer at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, on Oct 22, 2022.BENGALURU/SINGAPORE – Singapore state investor Temasek Holdings is considering investing US$100 million in Indian jeweller BlueStone for a stake of about 20 per cent, two sources with direct knowledge of the matter told Reuters.
The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned Tanishq and CaratLane, and Kalyan Jewellers.While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal.
Temasek has been investing US$1 billion annually in India over past six years and its underlying exposure to India is US$16 billion, which is over 5 per cent of Temasek's global US$297 billion portfolio, its India head Ravi Lambah told the Economic Times last month.
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