Gitanjali Gems Ltd has informed BSE that with regard to the incorporation of Wholly Owned Subsidiary as a Special Purpose Vehicle for Special Economic Zone development, Gitanjali Group’s policy towards development of Special Economic Zone, as Company has received various approvals and consents from Central / State Governments, the Company has incorporated “West Bengal SEZ Ltd” as special purpose vehicles for the development activities across the Special Economic Zones for which approvals have been received.

Further the Company has informed that, “West Bengal SEZ Ltd” is a wholly owned subsidiary and the main object interalia includes to set up, implement, purchase, establish and run unit/s to produce, commercia1ize, sales, import, export, distribution of multiple types of goods, etc.