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Gitanjali Group to adorn Indian towns and cities with Jewellery outlets

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Jewellery maker and exporter Gitanjali Group senior executive said to www.propertykhazana.com that, “The company is proposing to invest about Rs. 450 Crores in growing its retail base in India and abroad’s markets in the coming couple of years.” Gitanjali Group is aiming for about 35% growth in revenues to achieve up to Rs. 7,000 Crores for the year and proposals to hike its elite jewellery retail outlets in India nearly 3 times from 150 presently. Also, the firm possesses jewellery stores in US, Middle –East and China if placed together will be twofold from 140 and the growth will be mostly met through internal accruals.
Chairman of Gitanjali Group said to www.propertykhazana.com that, “We are gently doing with the wholesale projects and focusing more on retail business, the new retail outlets will show best jewellery brands also private labels. The firm is also proposing to increase the workers in India up to 10,500 in the coming couple of years from the present 7,000”, he added.
Also growing retail track on its possess, the firm’s JV with nationalized trading agency Mineral and Metal Trading Corporation (MMTC) will also launch one more jewellery shop in India with an investments of about Rs. 80 Crores in the coming 2-3 years.
MMTC Managing Director said to www.propertykhazana.com that, “In this JV, we are proposing to launch around 65 elite jewellery shops – Shuddhi in metros, Tier I & II cities in the coming 1-2 years. Shuddhi will sell only hallmark gold and diamond jewellery.” This is 74:26 JV among MMTC and Gitanjali India Ltd. in which Gitanjali Group holds the main share. It is likely to get revenues cost of Rs. 150 Crores after one year of operation. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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