“Make in India, Market to the World” initiative: Malabar Gold & Diamonds will invest Rs. 9,860 crores in India
Union Minister Piyush Goyal pledges full support
bangalore: Malabar Gold & Diamondsone of the largest jewelry retail chains in the world, has committed an investment of Rs. 9,860 crores in India spread over the next three years.
This was announced jointly by Malabar Group Chairman, MP Ahammed and Malabar Gold & Diamonds India Chief Operating Officer, O. Ashar during an Investor Roundtable held recently in Kochi.
Union Trade and Industry Minister Piyush Goyal and State Industries Minister P. Rajeev attended the occasion. Dileep Narayan, Head, Treasury and Bullion, Malabar Gold & Diamonds also participated in the conference.
Malabar Gold & Diamonds has doubled its investments lately to accelerate its “Make in India, Market to the World” initiative. The jewelry retailer plans to open 500 new showrooms by 2025. This will create job opportunities for around 11,000 people.
The Investor Roundtable was organized under the National Industrial Corridor Development Program.
Union Minister Piyush Goyal commended the company for its exemplary efforts in supporting the Government of India’s ambitious ‘Make in India’ program as well as creating mass job opportunities through to its expansion plans. He pledged to fully support the central government for the company’s new initiatives in this regard.
Currently, Malabar Gold & Diamonds has over 280 showrooms in ten countries and 14 manufacturing units in five countries. It has 4,092 investors and employs 14,169 executives. The company is targeting a total business of Rs. 45,000 crore in the current financial year.
Malabar Gold & Diamonds sticks firmly to environmental, social and governance (ESG) standards when implementing projects.