Gaja to pump in Rs 100 cr for retail expansion

In a bid to consolidate on its jewellery retail business, Gaja, the in-house retail brand of Kolkata-based Shree Ganesh Jewellery House Limited (SGJHL) is set to pump in Rs 100 crore for next two years.

Currently retail forms only 10 per cent of its business, while exports take the major share, the company hopes to expand its retail business with the help of the investment.

"We intend to consolidate on our domestic presence in retail. For this, the company will invest Rs 100 crore in the coming two years," said Ashok Sahni, chief finance officer of SGJHL, at the launch of the company's second retail outlet in Gujarat at Rajkot. Gaja majorly exports its jewellery at Middle and Far East countries.

Talking about the expansion strategy, Sahni said that the company would be opening up 6-8 more jewellery outlets across India by end of this year.

The company will open outlets in cities like Ludhiana, Chandigarh, Siligudi, Mangalore and Pune, among others.

On the company's Gujarat plans, Sahni said, "After Ahmedabad and Rajkot we have a plan to open outlets in Vadodara and Surat within a year. In Rajkot itself, the company has invested around Rs five crore."

A Rs 4,500 crore company, Shree Ganesh Jewellery House Ltd is a four star export house. The company is one of the leading manufacturer and exporter of hallmarked and handcrafted gold jewellery from India and the shares of the company are listed in Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Promoted by Nilesh Parekh and Umesh Parekh and head quartered in Kolkata, SGJHL has subsidiary offices in Hyderabad, Chennai, Bangalore, Delhi.

The company is into manufacturing and exports of gold jewellery, diamond jewellery, gemstone studded jewellery and light weight Italian jewellery.