Gitanjali Gems Acquires 70% Stake in Mobile Retail Chain MobileNXT

Jewellery makers Gitanjali Gems has acquired a 70 per cent stake in mobile retail chain MobileNXT Teleservices Pvt Ltd. The Bangalore-based firm will now be branded as `Hoop` and will sell items like fashion jewellery, watches, eyewear, etc. besides mobile phones. MobileNXT has raised funding from TV18, Avendus and some angel investors. MobileNXT has 21 stores in South India, which include outlets in tier-II and tier-III cities. Gitanjali has done the acquisition through its unit Gitanjali Lifestyle Ltd. exchanges.