Malabar Gold & Diamonds will invest Rs 1,000 crore ($120.5 million) in Maharashtra by the end of financial year 2025 to bolster its operations across verticals.
As part of the investment, the company launched a 50,000 sq ft warehouse called the ‘Malabar National Hub (M-NH)’ at Andheri East in Mumbai.
The hub will be the centralised base of its India operations and expected to area around 4000 jobs.
It will bring multiple operations under one roof such as retail, procurement and supply chain, e-commerce, digital gold, digital marketing, omnichannel operations, merchandising and bullion, corporate gifting and B2B divisions, human resources, and legal.
Commenting on the launch, MP Ahammed, chairman of Malabar Group in a statement said, “It will further fuel our global growth aspiration and lay the foundation for the next phase of growth. The consolidation of all our key functionalities at M-NH will enhance efficiency and streamline management, as we focus on further growing our network of more than 190 retail showrooms across the country.”
Asher O, managing director India operations at Malabar Gold added, “India is our biggest market, our aim is to strengthen our retail presence in existing regions and expand into new territories including Rajasthan, Puducherry, Uttarakhand, Jharkhand, Goa, Assam, Tripura, and Jammu and Kashmir. Mumbai’s strategic edge will help us further drive growth in India.”
Malabar Gold & Diamonds has a retail network of over 330 outlets spread across 11 countries.
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