UNITED ARAB EMIRATES; INDIA —Indian precious metal jewellery maker AJC Jewel Manufacturers Ltd. is expanding its overseas operational control by acquiring an 80 percent equity stake in Sharjah-based AJC Jewel Manufacturers (FZC) for ₹96 million. The transaction will be fully executed through a non-cash share-swap mechanism, issuing up to 567,492 shares at ₹169.16 per share, transforming the UAE entity into a subsidiary upon final regulatory and shareholder approvals.
AJC Jewel Manufacturers Ltd. is an Indian jewellery manufacturing company headquartered in Kerala and listed on the BSE. The target entity operates in Sharjah, UAE, specializing in precious metal jewellery production, and reported revenues of ₹1.2795 billion in CY2025 alongside ₹724.6 million for the first half of 2026.
This corporate consolidation establishes a direct ownership structure over key Middle Eastern production assets, reducing reliance on third-party cross-border arrangements. By bringing the UAE manufacturing footprint directly under its corporate umbrella, the parent firm enhances supply chain oversight and operational integration across the Gulf region.
The deal reflects broader trade integration trends between India and the UAE, driven by favorable trade frameworks and expanding demand for precious metals in the Gulf Cooperation Council market. The transaction allows the Indian enterprise to capitalize on local manufacturing hubs and expand its regional customer base.
From an equity perspective, structured share swaps enable corporate expansion while preserving cash reserves for strategic flexibility. Controlling high-volume manufacturing facilities in Sharjah strengthens the firm's balance sheet integration and positions it for broader international distribution.
