Malabar Gold & Diamonds to invest Rs 9,860 cr in three years
Chennai, Jun 14: Malabar Gold & Diamonds, one of the largest jewellery retail chains in the world has committed an investment of Rs 9,860 crore in India spread over the next three years.
This was announced jointly by Malabar Group chairman MP Ahammed and Malabar Gold & Diamonds India Operations Managing Director O Ashar at an Investors' Round Table held in Kochi recently. Union Minister of Commerce & Industry Piyush Goyal and State Industries Minister P Rajeev were present during the occasion. Dileep Narayan, Head, Treassury and Bullion, Malabar Gold & Diamonds also participated in the conference.
Malabar Gold & Diamonds has been doubling down on its investments in recent times to ramp up its Make in India, Market to the World' initiative. The jewellery retailer is planning to open 500 new showrooms by 2025. This will create employment opportunities for approximately 11,000 people.
The Investors' Round Table was organized as part of the National Industrial Corridor Development programme. Union Minister of Commerce & Industry Piyush Goyal praised the company for its exemplary efforts in bolstering the government of India's ambitious Make in India' programme as well as for creating mass employment opportunities through its expansion plans. He pledged the full support of the central government for the company's novel initiatives in this regard.
Currently, Malabar Gold & Diamonds has more than 280 showrooms spread over ten countries and 14 manufacturing units in five nations. It has 4,092 investors and employs 14,169 management staff. The company is targeting a total business of Rs 45,000 crore during the current financial year. The company has been making use of the services of global technology giants like Microsoft, IBM, Accenture, IBM, E&Y, Deloitte etc., for transforming its business model.
Malabar Gold & Diamonds steadfastly sticks to the Environment Social and Governance (ESG) norms while implementing projects. It is a socially responsible company and earmarks 5% of its profit for socially relevant purposes.