Malabar Gold to set up Rs 750-crore manufacturing facility in Telangana

Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, said it laid foundation stone for the construction of Malabar Gems and Jewellery manufacturing unit

Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, on Saturday said it laid foundation stone for the construction of Malabar Gems and Jewellery manufacturing unit in Telangana.

A press release from the firm said the facility is set to become the largest jewellery manufacturing unit of the group.

Telangana Minister for IT and Industries K T Rama Rao laid the foundation stone of the manufacturing facility.

Located at General Park, Maheshwaram in Rangareddy District near here and spread over 3.7 acre, the manufacturing facility is slated to be operational soon. It will have the capacity to manufacture 10 tonne gold jewellery and 1.5 lakh carats of diamond jewellery annually, it said.

It will also house a state-of-the-art gold refinery facility with an annual gold refining capacity of 180 tonne. The facility will roll out a diverse range of jewellery including gold, diamonds, precious gemstones, platinum and uncut diamonds, it said.

Malabar Gold & Diamonds will invest Rs 750 crore to set up the manufacturing facility and refinery in the state. It is expected to generate about 2,750 jobs, according to the release.

Commenting on the foundation 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.