Mumbai, February, 2008: Bennett, Coleman & Co Ltd. (BCCL) has acquired a stake in; Utssav CZ Gold Jewels Ltd. Utssav was set up in September 2006 with an objective of manufacturing branded CZ studded gold jewelry .Utssav is promoted by Mukesh Jain, Pankaj Jagawat and Manoj Jain. The promoters list also comprises of Vinne Bhagnani, Director, Pooja Entertainment India Ltd. and Pramoud Rao, Director, Zicom Electronic Security Systems Ltd.
The company is in the business of manufacturing hallmarked, 18 carat gold jewelry, embellished with Cubic-Zirconia stones in lieu of diamonds, making it pocket-friendly ornaments that last forever.
Commenting on the tie-up, Mr. Pankaj Jagawat said, "Utssav is growing rapidly and our association with BCCL will act as a catalyst in our future growth. We plan to expand our geographical presence pan India and by March 2008, the company plans to have 500 outlets selling Utssavís product primarily through the shop in shop model cross all leading metros."
Utssav's product offerings include finger rings, necklaces, bangles, bracelets, simple earrings, hoops and studs.
The company has an in-house design team responsible for continuous development of new and innovative designs and techniques. The company currently has 12 distributors who distribute the jewelry through 220 retailers across Maharashtra, Gujarat, Delhi, Bangalore & Chennai
The company proposes to tie-up with big malls to make their products accessible to the masses. Going forward, the company's strategy is to target the tier II cities and expand to more than 2000 outlets by FY2010.
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