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Malabar Group to invest Rs 750 cr gold, jewellery unit, refinery in Telangana

09:51 AM Sep 16, 2021 | PTI

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

The investment announcement was made during a meeting Malabar Group Chairman MP Ahmed and a team of representatives had with Telangana Minister for IT and Industries KT Rama Rao here, a press release said on Wednesday.

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"Telangana State welcomes another major investment. Malabar Gold and Diamonds will be establishing a gold and diamond jewellery manufacturing unit along with a refinery in Telangana with an estimated investment of Rs 750 crore. This new investment will create employment for about 2,500 people in the state,” it said.

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The representatives of the Malabar Group also mentioned that the availability of quality human resources in the state along with an investment-friendly atmosphere and policies of the government encouraged them to come forward and invest in the state, it said.

The Malabar Group already has 260 jewellery stores across the globe.

Welcoming the Kerala-based group to Telangana, the minister said the State government will provide complete support to the firm.

The Minister also expressed happiness over 2,500 jewellers getting employment in the region.

He also said that there were skilled jewellers in various districts of Telangana and requested the company heads to consider creating employment for them in their firm.

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