Kerala-based Malabar Gold & Diamonds has announced that it will establish a manufacturing unit along with a refinery in Telangana with an investment of Rs 750 crore.
The said investment will generate at least 2,500 jobs in the state. The decision was arrived at a meeting between Malabar Group Chairman MP Ahammed and a team of representatives Telangana minister KT Rama Rao in Hyderabad on Wednesday.
The gold jewellery retailer has also decided to expand its retail chain in Telangana where it already has 15 showrooms that employ 1,000 people. The Malabar Group has more than 260 jewellery stores across the globe.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to the challenging global economic environment.
Malabar's new facility will come up at the Industrial Park in Hyderabad. Welcoming the investment, KT Rama Rao assured Telangana government's complete support to the company.
He also expressed happiness that over 2,500 jewellers will get employment in the region due to the proposed investment.
"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.
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