All That He Does
Modi’s group is an integrated diamond manufacturer that buys rough diamonds, sells polished stones and also makes jewellery. His business is organised into three segments:
- Diamonds: trades in rough and polished diamonds
- Private label jewellery manufacturing and distribution segment: Produces unbranded jewellery for third parties
- Branded jewellery and retail: Produces branded jewellery sold via retail outlets under the Nirav Modi brand name
The group has nine retail boutiques in India and abroad.
Subsidiaries
Firestar International operates through 26 subsidiaries based in India, the US, the UK, France, Macau, Hong Kong, Belgium, the UAE, Russia and Singapore, according to details in the private placement document filed with the Registrar of Companies.

Key Subsidiaries
Firestar Diamond International Public Ltd.
India-based 100 percent subsidiary of Modi’s group. For the year ended March 2016, it reported a turnover of Rs 1,928.81 crore, according to filings with the Registrar of Companies. Its profit before tax stood at Rs 97.41 crore and profit after tax was Rs 72.87 crore.
Finestar Diamond FZE, UAE
Is one of the largest wholly-owned subsidiaries of the Modi group. It reported a revenue of Rs 3,099.43 crore for the year ended March 2016. Profit before tax stood at Rs 216.59 crore and profit after tax at Rs 216.59 crore.
Valuation, Fund-Raising and Shareholding
In May, last year, the board of Firestar International approved raising $75 million or Rs 495 crore from overseas entities. It sold its shares at Rs 510.22 apiece, valuing the company at Rs 6,908 crore after the placement.
Promoters, including Modi, held 90.17 percent while private corporate bodies owned 9.83 percent post the fund-raising.
Financials
Firestar International would end the year through March with a profit before tax of Rs 808 crore and profit after tax of Rs 686.23 crore, according to the private placement prospectus. Merchant bankers to the issue, Corporate Professionals Capital Private Ltd., said the enterprise value of the company was Rs 9,077.80 crore pre-issue. The projections also pegged the profit after tax for the company in 2022 at Rs 1,467.32 crore.
The company had a debt of Rs 3,186.15 crore and cash of Rs 951.88 crore at the end of March 2017.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)