Malabar Gold & Diamonds is planning to invest Rs 620 crore in expansion plans of its retail network.
The plan will see an addition of 24 stores in three months, from January 2017 to March 2017 period, taking the number of total outlets to 185 by the end of March 2017, up from 161 as of now, the company said in a statement.
The company plans to spend Rs 220 crore in India while Rs 400 crore will be invested in the Gulf Cooperation Council (GCC).
Malabar Gold further said, out of the 24 new outlets, 9 will be in the UAE, 7 in India, 5 in Saudi Arabia, 2 in Bahrain and 1 in Kuwait.
The expansion will add more than 1,000 professionals to the group’s existing manpower strength of 9,000 and cross the 10,000 employee mark by March this year.
“This is one of our single largest vertical expansion drives. The expansion at a crucial time reflects our renewed confidence and strong commitment to the Gulf, India and Far East markets,” Chairman, Malabar Group, MP Ahammed said.
“The expansion is aimed at serving more communities and nationalities, especially people from the Philippines, African Arab communities, the Levant as well as the Western countries. The extended network will help us acquire a greater customer base”, he added.
Malabar Gold & Diamonds is the flagship company of Malabar Group. The brand was established in 1993 in the Indian state of Kerala.