Malabar Group to set up jewellery unit of Rs 750 crore in Telangana
Malabar Gold and Diamonds has earmarked an investment of Rs 750 crore ($102 million) to set up a gold and diamond jewellery manufacturing unit along with a refinery in the state of Telangana.
The investment is expected to create employment opportunities for around 2,500 people in the state. The manufacturing unit is expected to come up at the Maheshwaram Industrial Park near Hyderabad.
“The Telangana government will provide complete support to the firm. There are skilled jewellers in various districts of Telangana and I hope this investment helps create employment for them in their firm,” industries and information technology minister for the state of Telangana K.T. Rama Rao said in a release.
Malabar group said that the availability of quality human resources in the State along with an investment-friendly climate and policies of the government prompted them to invest in Telangana.
Malabar Gold and Diamonds is the flagship company of Malabar Group and is one of the largest retailers of jewellery across the globe with 260 stores.
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