Kalyan group to invest Rs 450 crore on expansion

HYDERABAD: Kalyan Jewellers, a gold retail chain, on Tuesday said it would invest Rs 450 crore to expand its presence in southern India. It will also foray into overseas market with its first
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HYDERABAD: Kalyan Jewellers, a gold retail chain, on Tuesday said it would invest Rs 450 crore to expand its presence in southern India. It will also foray into overseas market with its first jewellery outlet in Dubai soon.

“We are setting up outlets across south India. After we make our presence felt in south market, we will venture into north and other markets,” said T S Kalyanaraman, CMD, Kalyan Group.

Of the Rs 450 crore investment earmarked for the expansion, the company said it would invest `250 crore in Andhra Pradesh and Karnataka, and Rs 100 crore each in Tamil Nadu and Kerala. “The Group is targeting to achieve a turnover of Rs 6,000 crore by March, 2012 from the present Rs 3,000 crore. From Hyderabad alone, the jewellery division sales would be  about Rs 250 crore during the next financial year,” he said.

Currently, the company’s jewellery division turnover for the financial year ended March, 2010 stood at Rs 350 crore.

It also has other brands such as Kalyan Silks, Kalyan Sarees  and Kalyan Collections.

The group, which presently has a chain of 20 stores spread across the states of Kerala, Karnataka, Tamil Nadu, is planning to open 21 more stores by the end of 2011. In Andhra Pradesh, the company plans to open seven stores in locations such as Hyderabad, Vijayawada, Visakhapatnam, Rajamundry and Nellore.

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