Kerala’s Malabar Group will be investing Rs 750 crore in Telangana, the state government announced on Wednesday, September 15. Malabar Gold and Diamonds will establish a gold and diamond jewelry manufacturing unit along with a refinery in the state. This investment is expected to create employment for about 2,500 people in the state, it said.
Malabar Group Chairman MP Ahmed and a team of representatives met Telangana’s Industry and Commerce Minister KT Rama Rao in Hyderabad. The Malabar Group currently has 260 jewellery stores spread across ten countries.
A statement by the state government said that the group was investing in the state because of the human resources and investment-friendly atmosphere and policies of the state government. KTR reportedly told the firm that there are skilled jewelers in various districts of the state and that the company will be creating employment for them in their firm.
Happy to share that '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 ₹ 750 Crores
— KTR (@KTRTRS) September 15, 2021
This new investment will create employment to about 2500 people in the state pic.twitter.com/FQM8U8Kxof
Minister KT Rama Rao shared the news on social media as well. “Happy to share that '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 ₹750 Crores. This new investment will create employment for about 2,500 people in the state,” he said.
The move comes just weeks after the Kerala-based Kitex group said it was investing Rs 1,000 crore in the state to set up a facility in Kakatiya Mega Textile Park in Warangal. "In principle, The Kitex Group has agreed upon a Phase-I investment of Rs 1,000 crore within a span of two years in the textile industry for the project Textile Apparel in the Kakatiya Mega Textile Park in Warangal. This investment will generate employment of 4,000 jobs in the State of Telangana," an official release quoted Kitex chairman Sabu Jacob as saying.
The Kitex group reportedly expressed satisfaction over the Telangana government's industry-friendly policies and appreciated the 'quick' decision-making attitude on investments in the state.