Sky Gold Expands its Business Horizons with New Subsidiary and Leadership Change

In a significant development, Sky Gold Limited has announced the approval of a wholly owned subsidiary (WOS) to be established in India. This move is aimed at broadening the company’s operational base and increasing its market presence in the country. The board meeting held on 29th November 2024 also led to a key leadership change, with Bharat Jhaveri appointed as a Non-Executive Director on the board. This decision is in line with the company's commitment to strong corporate governance and strategic growth.

The subsidiary, named Sitaara Gold & Diamonds Limited (subject to approval), will initially have an authorized capital of INR 10,00,000. The subsidiary will operate in the same industry as Sky Gold, contributing to its diversification and increasing its footprint in the jewellery and diamond market. This marks a crucial step for Sky Gold as it seeks to expand its horizons within India.

Appointment of Mr. Bharat Jhaveri as Non-Executive Director

As part of the broader changes, Mr. Bharat Jhaveri has been appointed as an Additional Non-Executive, Independent Director. He brings a wealth of experience from his consulting work with top jewellery brands like Tanishq, Zoya by Tanishq, and Melorra.com. His strategic insights, particularly in the fields of product innovation and market trends, are expected to play a key role in the company’s future endeavors.

Mr. Jhaveri’s term will span 5 years, and his appointment is subject to the approval of the shareholders. His previous contributions to Tanishq’s turnaround, coupled with his experience in advising on luxury jewellery brands, align with Sky Gold's vision for growth. His deep expertise in the diamond-studded jewellery sector makes him a valuable addition to the company's leadership.

Corporate Governance and the Nomination and Remuneration Committee

Following Mr. Jhaveri’s appointment, Sky Gold has also reconstituted its Nomination and Remuneration Committee. This restructuring aims to enhance the company’s focus on talent management, leadership development, and aligning executive pay with long-term business objectives. The reconstitution reflects Sky Gold’s commitment to maintaining the highest standards of corporate governance and ensuring that its leadership team remains focused on driving the company’s expansion strategy.

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Sky Gold's expansion into India through its WOS and the leadership changes are expected to create new opportunities for growth and innovation. The incorporation of a wholly owned subsidiary will allow the company to leverage the growing Indian market while maintaining control over its operations. This strategic move is designed to increase both local and international market presence, enabling Sky Gold to capitalize on India’s growing demand for high-quality jewellery.

Future Outlook: Expanding Market Reach and Strategic Growth

As Sky Gold embarks on this new chapter, the company’s leadership and strategic decisions will be instrumental in shaping its future. With the inclusion of Bharat Jhaveri on the board, the company is positioning itself for future growth while maintaining strong governance structures. The wholly owned subsidiary will serve as a foundation for expanding the brand’s reach, improving market penetration, and exploring new revenue streams.

The addition of Sitaara Gold & Diamonds Limited is expected to open up new business avenues in the jewellery industry, focusing on high-value diamond-studded designs. By incorporating this new entity, Sky Gold will have a more localized operational model in India, allowing for better customer engagement and operational efficiency.

This restructuring and strategic decision-making will enhance Sky Gold's overall business prospects and contribute to the long-term success of the brand.

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