This story is from September 16, 2021

Malabar Group to invest Rs 750 crore in gold refinery & jewellery unit in Hyderabad

In a significant booster for Telangana’s gems & jewellery sector, Kerala-based jewellery major Malabar Group will be setting up its first gold refinery in India along with its largest gold and diamond jewellery manufacturing facility in Hyderabad at an investment of Rs 750 crore.
Malabar Group to invest Rs 750 crore in gold refinery & jewellery unit in Hyderabad
According to Ottamoochikkal, the company is looking at a turnover of around Rs 4,500 crore from the unit that will manufacture jewellery made of precious stones, diamonds as well as gold
HYDERABAD: In a significant booster for Telangana’s gems & jewellery sector, Kerala-based jewellery major Malabar Group will be setting up its first gold refinery in India along with its largest gold and diamond jewellery manufacturing facility in Hyderabad at an investment of Rs 750 crore.
The investment was announced on Wednesday after a delegation of Malabar Gold and Diamonds headed by Malabar Group chairman MP Ahmed met Telangana’s industries minister KT Rama Rao.

While the Kozhikode-based company will be investing Rs 300 crore in the refinery, it will be pumping in Rs 450 crore in the jewellery manufacturing unit, for which it has identified a 3.75-acre parcel of land at the Maheshwaram Industrial Park, Malabar Gold & Diamonds managing director (India) Asher Ottamoochikkal told TOI.
The refinery and manufacturing unit is expected to generate around 2,500 jobs. The Malabar group already has a smaller jewellery manufacturing unit that is operational in Hyderabad with a headcount of around 300-400 people.
He indicated that the company was hopeful of both these projects becoming operational within the next one year given the speed with which the Telangana government has responded to the company’s requirements.
“We studied different states and found Telangana to be the right place for these projects because of the skilled manpower, quality infrastructure that has been developed in the state and the positive government support,” he added.

According to Ottamoochikkal, the company is looking at a turnover of around Rs 4,500 crore from the unit that will manufacture jewellery made of precious stones, diamonds as well as gold, with a plan to showcase and popularise the work being done of Telangana’s karigars not just in India but also abroad.
“Telangana’s karigars, from places like Karimnagar and Hyderabad are doing good work which is also becoming popular abroad. We are planning to market the region’s capability in Indian and international markets,” he explained.
Talking about the refinery, he said it will cater not just to the requirements of the company’s proposed manufacturing unit in Telangana but also the other units in Hyderabad and the rest of the market.
According to Ottamoochikkal, the company is looking at a turnover of around Rs 4,500 crore from the unit that will manufacture jewellery made of precious stones, diamonds as well as gold.
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