AJC Jewel Manufacturers Ltd is set to acquire an 80% stake in AJC Jewel Manufacturers (FZC), Sharjah, UAE, for ₹9.60 crore through a non-cash share swap, giving the listed company majority ownership of its international jewellery manufacturing operation.
The UAE entity, which is engaged in precious metal jewellery manufacturing, reported revenue of ₹128 crore in CY25 and ₹72 crore during January-June 2026, compared with ₹54 crore in CY24.
Share swap to fund acquisition
Under the proposed transaction, AJC Jewel Manufacturers will issue up to 5,67,492 equity shares at ₹169.16 per share to acquire the 80% stake.
The preferential issue will constitute approximately 8.55% of the company’s post-issue equity share capital. The transaction is expected to be completed within three to six months, subject to regulatory and shareholder approvals.
UAE business to become subsidiary
Following completion, AJC Jewel Manufacturers (FZC) will become a subsidiary of AJC Jewel Manufacturers, providing the listed company with greater ownership and control over its UAE operations.
The company said the acquisition will strengthen its international operating platform and help integrate its Indian manufacturing and design capabilities with customer and distribution opportunities in the Middle East.
Company targets global expansion
The UAE is strategically relevant to AJC because of its established position in the global gold and precious metals ecosystem and its connectivity to wider Middle Eastern markets.
AJC said the consolidation is aligned with its strategy of developing a scalable jewellery manufacturing platform across domestic and international markets.
Manufacturing base in Kerala
AJC manufactures 22K and 18K gold jewellery for retail chains, corporates and independent jewellers in India and international markets.
Its capabilities include traditional casting, studded jewellery, bespoke orders and CNC-machined jewellery, supported by a 21,780 sq. ft. manufacturing facility in Malappuram, Kerala. The company also operates a digital-first B2B platform with more than 5,000 jewellery designs.
UAE unit strengthens platform
AJC Jewel Manufacturers, Chairman and Managing Director, Ashraf P, said, “The proposed acquisition marks an important step in consolidating our international operations and strengthening our presence in the UAE.”
“Greater ownership of our UAE operations will provide us with enhanced control over our international business platform and create a stronger base to serve regional markets,” he said.
No cash outflow for acquisition
“Importantly, the transaction is structured entirely through a share-swap arrangement, allowing us to consolidate the UAE business without a cash outflow for the acquisition consideration,” Ashraf said.
“We remain focused on operational integration, disciplined execution and building a scalable and integrated jewellery manufacturing platform to support sustainable long-term growth,” he added.