Malabar Group to invest Rs 750 crore in setting up gold, diamond unit & refinery in Telangana
Following a meeting with Telangana's industries minister, KT Rama Rao, a Malabar Gold and Diamonds team led by Malabar Group chairman MP Ahmed announced the investment on Wednesday.
Kerala-based jewellery company Malabar Group will spend Rs 750 crore in its first gold refinery in India and its most renowned gold and diamond manufacturing plant in Hyderabad, providing a substantial boost to Telangana's gems and jewellery sector. Following a meeting with Telangana's industries minister, KT Rama Rao, a Malabar Gold and Diamonds team led by Malabar Group chairman MP Ahmed announced the investment on Wednesday.
Approximately 2,500 individuals in the state will be employed as a result of the anticipated new investment. On Wednesday, Malabar Group Chairman MP Ahammed and a delegation met with Telangana Minister KT Rama Rao in Hyderabad to announce the company's plan to invest in the state. The firm also stated that Telangana's availability of high-quality human resources and the state government's investment-friendly environment and regulations prompted them to come forward and invest.
The Malabar Group presently operates 260 jewellery stores worldwide. KT Rama Rao, a Telangana minister, welcomed the Malabar Gold and Diamonds group and promised them the state government's full assistance. KT Rama Rao was particularly pleased that the projected investment will employ over 2500 jewellers in the region. He went on to say that there were competent jewellers in various Telangana areas, and he asked the corporate leaders to think about hiring them.
Given the rapidity with which the Telangana government reacted to the firm's requests, the company was optimistic that both of these projects would be operating within a year.
The facility, which will produce jewellery composed of precious stones, diamonds, and gold, is expected to generate about Rs 4,500 crore in revenue for the firm to showcase and popularise the work of Telangana's karigars not just in India but also overseas.