The new entity PCJ Mining SARL, is focused on precious metal ore extraction and mining services, has 66 per cent shareholding and is yet to commence operations
New Delhi: PC Jeweller Limited has incorporated a new step-down subsidiary, PCJ Mining SARL, in the Republic of Chad through its wholly owned subsidiary, PCJ Gems & Jewellery Limited. The incorporation marks the company’s entry into the precious metal ore extraction segment. The company informed the stock exchanges about the development in line with regulatory requirements.
PCJ Mining SARL has been incorporated with a paid-up share capital of 10,00,000 CFA francs. The entity is yet to commence operations and currently reports nil turnover. PCJ Gems & Jewellery Limited holds a 66 per cent stake in the subsidiary. The remaining shareholding details were not disclosed in the filing.
The subsidiary will undertake activities related to the extraction of precious metal ores. Its scope includes mining, mineral exploration and quarrying operations. It will also be engaged in the production, refining and marketing of mineral products. In addition, the company will carry out general import and export trade activities and provide services related to the mining sector.
PC Jeweller Limited stated that the incorporation of PCJ Mining SARL does not fall under Related Party Transactions. It further clarified that no promoter or promoter group entity has any interest in the newly incorporated subsidiary.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Vishan Deo, Executive Director (Finance) and Chief Financial Officer, and was submitted to BSE Limited and National Stock Exchange of India Limited.
With this step, PC Jeweller Limited has entered the mining segment, expanding its operations beyond jewellery retail. The subsidiary is expected to begin its business activities in due course.
PC Jeweller, founded in 2005 in Katihar, Bihar, has expanded to 51 showrooms across India. It is a leading jewellery retailer, offering a diverse range of designs for various occasions. The brand focuses on providing a smooth and efficient jewellery-buying experience to its customers.
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