Malabar group discovers Telangana as goldmine
Plans diamond and jewellery factory at cost of `750 cr
Hyderabad: Noted Malabar Gold and Diamonds has announced its expansion plan and has decided to invest Rs 750 crore in the Telangana State. The group will be setting up a diamond and jewellery factory along with a refinery in the State. The State Government has agreed to extend all necessary help to the group.
Malabar Group Chairman M P Ahmed and a team of representatives on Wednesday met Industries and IT Minister KT Rama Rao and discussed the proposals. The new investment would create employment for about 2,500 people in Telangana.
The representatives of the Malabar Group said that the availability of quality human resources in the State along with an investment-friendly atmosphere and policies of the government encouraged them to come forward to invest in Telangana.
The Malabar Group has 260 jewellery stores across the globe. KTR welcomed the group's decision and said that the Telangana Government would provide complete support to them.
The Minister also expressed happiness that it would provide employment to 2,500 jewellers. He added that there were skilled jewellers in various districts of Telangana and requested the company heads to consider creating employment for them in their firm. Principal Secretary Jayesh Ranjan and senior officials from the Industries Department participated in the meeting.