Media Release

Hyderabad, Sep 17: Malabar Gold and Diamonds, one of the major Jewellery Groups in the world, has decided to invest Rs750 crore in Telangana to set up manufacturing facilities and a refinery. The decision was taken at a meeting between K T Rama Rao, Industries and IT Minister and M P Ahamed, chairman of Malabar Group at Hyderabad.

Jayesh Ranjan, principal secretary of Industries and IT and senior officials of Industries and IT department also represented Telangana government. Malabar Group MD (India Operations) O Asher, vice chairman K P Abdul Salam, chief finance officer S Ramakrishnan, retail head P K Siraj (Rest of India) also attended the meeting from Malabar Group side.

Malabar’s new facility will be coming up at the Industrial Park in Hyderabad. Minister K T Rama Rao offered all infrastructure facilities for the project. Malabar requires 3.7 acres of land for the new facility. The project will generate at least 2500 jobs upon its completion. Already, Malabar has 15 retails showrooms in Telangana employing 1000 persons. The company has also decided to expand its retail chain in Telangana.

M P Ahamed, chairman of the group, said that the proposed investment in Telangana was aimed at the domestic market as well as export. Malabar is now having 260 stores in 10 countries. It has 13 manufacturing units in various States in India and overseas. He said that support of the Telangana government in general and Industries minister K T Rama Rao in particular prompted Malabar Group to make more investment in the State.

“I must congratulate the Industries-IT Minister for taking all major decision at a single meeting and giving necessary directions to his department heads to facilitate the investment. The government is so proactive and quick in taking decisions. This is worth to emulate. We are investing in the State with full confidence," Ahamed added.