One of India’s large manufacturer-exporters of diamond jewellery, Tara Jewels, has announced that it is currently in talks to acquire a 49% stake in one of Australia’s leading jewellery retailers, Bevilles Jeweller, according to media reports. The announcement did not give any time frame for the process.

Bevilles is an 80-year old established retailer with an annual turnover of A$ 34 million (Rs. 170 crore).

The announcement said that the proposed investment was strategic in nature and would give Tara access to the highly profitable New Zealand and Australian markets, enabling it to expand its brand in a new geography.

The two companies have had business relationships over the years, including a “strategic alliance” formed in early 2013, as per media reports at that time. The reports also stated that Tara had been a long standing supplier to Bevilles. In 2014, when Bevilles was placed under administration, reports said that Tara was among the large unsecured creditors. Subsequently, the family-run business was reacquired by the original owners, who continue to be in charge today.