Sky Gold Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 - The Company plans to open a B2B office in Dubai (UAE) to increase the export revenue.'.
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Sky Gold and Diamonds, a Mumbai-based jewelry manufacturer specializing in lightweight gold and diamond-studded pieces, has approved the establishment of a Wholly Owned Subsidiary (WOS) in Dubai, UAE. The move aims to tap into strong jewelry demand in the Middle East and grow export revenue, aligning with the company's 'Make-in-Bharat for the World' vision. The proposed capital is around Rs. 50 Lakhs, fully funded by the company in cash at face value, and the subsidiary is expected to be incorporated within 2-3 months subject to approvals. Once operational, the B2B office will help the company serve global markets more effectively and diversify its revenue beyond India.
This is a positive strategic step that could expand the company's international footprint and export earnings over time, though the initial investment is small (Rs. 50 Lakhs) and the subsidiary is yet to be set up, so near-term stock impact is likely limited.