Hyderabad

Malabar Group to invest ₹750 crore in Telangana

According to sources, the facilities proposed by Malabar Gold and Diamonds will come up at 3.75 acres in Maheshwaram Industrial Park near Hyderabad. Representational Image.   | Photo Credit: Reuters

Malabar Gold and Diamonds will be setting up a gold and diamond jewellery manufacturing unit along with a refinery in Telangana with an estimated investment of ₹750 crore.

The investment will create employment for about 2,500 people in the State, Industries and IT Minister K.T. Rama Rao’s office said in a release on Wednesday.

The announcement followed a delegation led by Malabar Group Chairman M.P. Ahammed meeting Mr. Rao and senior officials, including Industries Secretary Jayesh Ranjan, in the city.

During the discussions, representatives of the Malabar Group mentioned how 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, the Minister’s office said.

Welcoming the Group, KTR assured that the Telangana government will provide “complete support to the firm.” Pointing out that there were skilled jewellers in various districts of Telangana, he requested the company heads to consider creating employment for them in their firm.

According to sources, the facilities proposed by Malabar Gold and Diamonds will come up at 3.75 acres in Maheshwaram Industrial Park near Hyderabad. The project is expected to take one year to be commissioned and will be offered standard incentives as per the industrial policy.

One of the largest retailers of jewellery across the globe with 260 stores, Malabar Gold and Diamonds is the flagship company of Malabar Group, headquartered in Kozhikode. It is the second major investment announcement in Telangana by a group based in Kerala. In July, Kitex Group had announced its decision to set up a ₹1,000 crore apparel manufacturing facility at Kakatiya Mega Textile Park in Warangal.


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Printable version | Oct 25, 2021 8:34:18 PM | https://www.thehindu.com/news/cities/Hyderabad/malabar-group-to-invest-750-cr-in-telangana/article36486105.ece

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