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From telecom to optical storage media and from pharma to Internet, Warburg Pincus has had a range of investments in India. Now it's the turn of gem stones. The US-based private equity investor is picking up around 27 per cent equity in Jaipur-based coloured gemstone exporter, Vaibhav Gems Ltd, reports The Telegraph. This is Warburg’s first investment in the coloured gem stones business in India. Vaibhav Gems, a Rs 169-crore company, is the country’s largest exporter of coloured gemstones.

The board of Vaibhav, at its meeting on December 1, approved the allotment of shares on a preferential basis to Cortland Investment, Mauritius, a Warburg Pincus group company, at a price between Rs 275 and Rs 280 per share. At these levels, Warburg will be investing between Rs 207 crore and Rs 211 crore. According to Vaibhav, these shares or warrants convertible into equity shares will represent up to 27.29 per cent of the total post-issue paid-up capital of the company on a fully diluted basis.

Vaibhav has set up a jewellery-manufacturing unit for exports of gem-studded gold jewellery. Last year, it ventured into the international retail market by setting up its wholly-owned subsidiary, Jewel Gem Inc, in the US. The company has also set up retail chain stores in Alaska and Caribbean under the brand name GenoA Jewellers.