Gitanjali Gems, a leading manufacturer and exporter of diamonds, has informed that Gitanjali Lifestyle Ltd (GTL), the 100% wholly owned subsidiary of the company has decided to acquire 70% stake in MobileNXT Teleservices Pvt. Limited, a leading mobile retail chain of the country.

Today, the company has entered into an investment cum shareholder's agreement with MobileNXT for this purpose.

However as per the terms of agreement all the MobileNXT stores will be reinstated as 'Hoop' stores and will display 'personal fashion accessory' that offers a wide range of fashion jewellery, watches, eyewear and the latest as well as trendy mobile phones and accessories.

Bangalore-headquartered MobileNXT is engaged in the business of retail mobile phones, accessories, connections, operator services, value added services and providing after sale services.

At present, MobileNXT is present across 21 stores in Southern India and in tier 2 and 3 towns in the country and its stores are a one-stop shop-offering host of telecom related products and services.

The shares of Gitanjali Gems closed today with gain of 1.35% at Rs 109 on BSE.