All you need to know about Nirav Modi’s Empire.
All you need to know about Nirav Modi’s Empire.(Photo: The Quint)
  • 1. All That He Does
  • 2. Subsidiaries
  • 3. Key Subsidiaries
  • 4. Valuation, Fund-Raising and Shareholding
  • 5. Financials
Everything You Need to Know About Nirav Modi’s Empire

(This story was first published on 15 February 2018. It has been reposted in light of Nirav Modi’s arrest in London. A London court had on 18 March 2019 issued an arrest warrant against the PNB fraud accused fugitive diamantaire.)

Nirav Modi is at the centre of an alleged Rs 11,400 crore fraud at the state-run Punjab National Bank. He runs a network of retail stores and 26 subsidiaries across at least 10 countries, designing and making jewellery for the rich and famous.

Modi had offered to repay at least Rs 6,000 crore by selling assets, bank officials who didn’t want to be identified told BloombergQuint. Here’s a snapshot of the jeweller’s empire:

Modi is the promoter, managing director and chief executive officer of Firestar International Public Ltd, the parent of Firestar Diamond International Public Ltd. Modi converted the holding company, incorporated on 1 April 2004, into a public limited entity in December last year to raise capital for expanding his business.

(This article was originally published on BloombergQuint)

  • 1. 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.

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