Gitanjali Group

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Overview

Gitanjali Group is an Indian conglomerate with a diverse portfolio of businesses, including jewelry manufacturing and retailing, healthcare, education, and financial services. Founded in 1966 by Mehul Choksi, the group has grown into a global enterprise with operations in over 20 countries.

Jewelry Business

Gitanjali Group's core business is jewelry manufacturing and retailing. The group owns and operates several well-known jewelry brands, including Gitanjali Gems, Nakshatra, and Asmi. The company has a strong presence in both domestic and international markets, with a wide range of jewelry products catering to various customer segments.

Healthcare

Gitanjali Group has a significant presence in the healthcare sector. The group owns and operates a chain of hospitals and clinics across India, providing a range of medical services, including cardiology, neurology, and orthopedics. The group also has a presence in the pharmaceutical industry through its subsidiary, Gitanjali Pharma.

Education

Gitanjali Group is actively involved in the education sector. The group owns and operates several schools and colleges across India, offering a range of educational programs from pre-primary to higher education. The group's educational institutions are known for their high academic standards and focus on holistic development.

Financial Services

Gitanjali Group provides a range of financial services through its subsidiary, Gitanjali Finance. The company offers a wide range of financial products, including loans, credit cards, and insurance. Gitanjali Finance has a strong presence in the rural and semi-urban markets of India.

Corporate Governance and Controversies

Gitanjali Group has been involved in several controversies related to corporate governance and financial irregularities. In 2018, the group's founder, Mehul Choksi, was accused of defrauding banks of billions of dollars through the Punjab National Bank scam. Choksi subsequently fled India and has been living in exile.

Current Status

Following the controversies, Gitanjali Group has faced significant financial and operational challenges. The group's jewelry business has been impacted by the downturn in the Indian economy and increased competition. The group has also been under scrutiny from regulatory authorities for its financial practices.

Despite these challenges, Gitanjali Group remains a major player in several industries. The group's healthcare and education businesses continue to operate and provide essential services to the community. The group is also working to restructure its financial operations and regain the trust of its stakeholders.