Kerala-based Malabar Gold and Diamonds on Wednesday said that it will establish a manufacturing unit along with a refinery in Telangana with an investment of Rs 750 crore.
The proposed new investment will create employment for about 2,500 people in the state.
Malabar Group Chairman MP Ahammed and a team of representatives met Telangana minister KT Rama Rao in Hyderabad on Wednesday where the company announced its decision to invest in the state.
The company also said that the availability of quality human resources in Telangana along with an investment-friendly atmosphere and policies of the state government encouraged them to come forward and invest.
The Malabar Group already has 260 jewelry stores across the globe.
Telangana minister KT Rama Rao welcomed the Malabar Gold and Diamonds group to Telangana and assured the state government’s complete support to the company.
KT Rama Rao also expressed happiness that over 2500 jewellers were getting employment in the region due to the proposed investment. He added that there were skilled jewellers in various districts of Telangana and requested the company heads to consider creating employment for them in their firm.
Principal Secretary Jayesh Ranjan and senior officials from the Industries Department were also part of the meeting.