Malabar Gold Announces Rs 750 Cr Facility; Expects To Create 2,750 Jobs
Malabar Gold & Diamonds on Saturday said that it is going to set up a manufacturing unit in Telangana. The gold and diamond retailer laid its foundation stone for the construction of the facility.
The new facility is supposedly the largest jewellery manufacturing unit of the group. Telangana’s Minister for IT and Industries K T Rama Rao laid down the foundation stone of the manufacturing facility.
The facility will come up at General Park, Maheshwaram in Rangareddy District. It will be spread over 3.7 acres of land and have the capacity to manufacture 10 tonne gold jewellery and 1.5 lakh carats of diamond jewellery annually.
The manufacturing unit will also have a state-of-the-art gold refinery facility with an annual gold refining capacity of 180 tonne. The facility will churn out diverse range of jewellery including gold, diamonds, precious gemstones, platinum and uncut diamonds.
During the stone laying ceremony, Malabar Group Chairman Ahammed MP said, “The soon-to-be operational manufacturing unit in Telangana will further strengthen our manufacturing capabilities apart from our retail expansion drive. We are grateful to the Government of Telangana for extending all possible support in quick succession to help us set up the manufacturing unit in Maheshwaram.”
Malabar Gold & Diamonds will look to invest Rs 750 crore to establish this manufacturing facility that is slated to generate as many as 2,750 jobs.
