Malabar Gold & Diamonds have announced that it will invest Rs 750 crore in Telangana to set up manufacturing facilities and a refinery.
Malabar Gold currently has 15 retail showrooms employing over 1000 people in Telangana.
The decision arrived at a meeting between KT Rama Rao, Industries and IT Minister, and M P Ahamed, Chairman of Malabar Group at Hyderabad today. Jayesh Ranjan, Principal Secretary of Industries and IT, and senior officials of Industries and IT Department also represented Telangana Government. Malabar Group MD (India Operations) O Asher, vice chairman K P Abdul Salam, Chief Finance Officer S Ramakrishnan, Retail Head (Rest of India) PK Siraj also attended the meeting from the Malabar Group side.
The move marks a major investment in expansion at a time when many gold and jewelry retailers have struggled to manage their existing operations due to the challenging global economic environment.
While commenting on the expansion plan, Malabar Group Chairman MP Ahammed said, “The proposed investment in Telangana was aimed at the domestic market as well as export. Malabar now has more than 260 stores in 10 countries. It has 13 manufacturing units in various states in India and overseas. The support of Telangana Government in general and Industries Minister KT Rama Rao, in particular, prompted Malabar Group to make more investment in the State.”
“I must congratulate the industries – IT Minister for taking all major decisions at a single meeting and giving necessary directions to his department heads to facilitate the investment. The Government is so proactive and quick in taking decisions. This is worth emulating. We are investing in the State with full confidence,” he added.
The group has also recently forayed into responsibly sourced gold bullion trade and its gold bars are available for jewelry manufacturers, small gold traders, and retail investors desiring to invest in physical gold for purchase. Among the highlights of the past year for the brand is the ‘One India One Gold Rate’ initiative of the brand under which it began offering gold jewelry at a uniform price across the country.
The brand also opened 16 stores in 2020 demonstrating its commitment to customers who have believed in the brand despite widespread retail disruption owing to the Covid-19 pandemic.