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Ideal World, through its proprietary TV shopping channel, is into teleshopping and digital retail of lifestyle products. Having a legacy of over 20 years, Ideal World is one of the major teleshopping brands in the UK.
In a said agreement, Shop TJC will acquire the Ideal World's IP rights, broadcasting rights, studio equipment along with other intangible assets. The transaction will be funded through internal accruals.
Sunil Agrawal, managing director, Vaibhav Global, said, “We welcome Ideal World to VGL group. Over the years Ideal World has created a unique position for itself in the teleshopping industry. We expect this transaction to create synergies and help us continue market leading growth.”
Vaibhav Global is engaged in the processing of gemstones, such as fire opal, apatite, emerald and various other precious and semi precious stones.
The company's consolidated net profit jumped 51.3% to Rs 29.68 crore in Q1 FY24 as compared with Rs 19.62 crore in Q1 FY23.
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