Kochi: Kerala-based Malabar Gold & Diamonds, which is one of the largest gold and diamond retailers, is on an expansion spree investing Rs 1,600 crore next fiscal to add 56 more stores.
Of the 56 new stores, 40 will be in the country and the rest 16 overseas. The company expects to generate 1,750 new jobs with this next year.
Malabar Group chairman MP Ahammed on Wednesday said “expanding our presence by 56 more stores will see us investing Rs 1,600 crore and will generate 1,750 new jobs.” The domestic expansion will be in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, Bengal, UP, Odisha and Kerala, he said.
It will strengthen its position in Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE, he said.
It has 13 cluster manufacturing units in the country and in the GCC and has 12 jewellery brands.
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Read More: Malabar Gold to open 56 stores globally