Malabar group to set up gold, diamond unit & refinery in Telangana

Hyderabad: Kerala-based Malabar Gold and Diamonds on Wednesday said that it will establish a manufacturing unit along with a refinery in Telangana state with an investment of Rs 750 crore.

In a media statement issued by industries minister K.T. Rama Rao, the proposed investment will create employment for about 2,500 people in the state.

Malabar Group Chairman M.P. Ahammed and a team of representatives met Rama Rao in Hyderabad here on Wednesday.

The Malabar Group already has 260 jewellery stores across the globe.

Rama Rao welcomed the Malabar group to Telangana state. He stated that the Telangana state government will provide complete support to the firm.

The minister also expressed happiness over 2,500 jewellers getting employment in the region. He added that there were skilled jewellers in various districts of Telangana state and requested the company heads to consider creating employment for them in their firm.