Gitanjali said it will invest a further $20 million in the Middletown, Ohio-based Rogers Inc. which operates under brand names ''''Rogers Jewellers'''' and ''''Andrews Jewellers''''.

The acquisition will give Gitanjali 46 retail stores, access to a large consumer base, and boost the company''''s plans to expand its retail presence in India and overseas, the company said in a filing with the Bombay Stock Exchange (BSE). 

Privately-held Rogers was originally founded in 1920 and since then it has grown from a one-store operation to a company with 46 stores. Rogers is a mall-based operator appealing to target middle-to-upper income customers.

Over the years, Rogers has been unwavering in its commitment to high quality products, trust, integrity and financial stability.

This acquisition by ''''Gitanjali'''' in organised US jewellery market is a landmark step for the industry and a significant step towards moving up the industry value chain, which will offer a range of synergies to Gitanjali''''s existing operations. Gitanjali will not only have access to a large US consumer base, but also leveraging Rogers'''' existing retail infrastructure will give Gitanjali a better control over the entire value chain in the jewellery business, the company said in its filing.

Gitanjali, which owns jewellery brands such as Gili, Nakshatra and Asmi in India, bought a 97 per cent stake in another US chain, Samuels Jewelers Inc, in December last year. Samuels had 97 stores at the time of acquisition.

Gitanjali has a target of 175 retail stores across the US in the next six months from about 160 now, he said.

The company has also been increasing its retail presence in India in line with rising affluence and a retail boom across the country. It announced in March it would invest Rs100 crore over three years to set up a luxury retail network in India.

The company will sign a contract tomorrow to launch 10 international watch and jewellery brands from the Morellato & Sector Group, it said in an invitation.

Gitanjali''''s board, had in October, approved raising additional capital through the issue of global depository receipts and the issue of 10 million warrants to the founders.