Kalyan Jewellers India Limited agreed to acquire 15% stake in Enovate Lifestyles Private Limited from Rupesh Jain for INR 420 million.

Kalyan Jewellers India Limited (NSEI:KALYANKJIL) agreed to acquire 15% stake in Enovate Lifestyles Private Limited from Rupesh Jain for INR 420 million on June 3, 2024. The consideration consists of INR 420 million in cash. As part of the consideration, INR 420 million was paid towards common equity in three tranches.

Prior to the transaction, Kalyan Jewellers India Limited (NSEI:KALYANKJIL) held 85%. Enovate Lifestyles Private Limited reported the total revenue of INR 1303.47 million and net loss of INR 70.75 million.