Hyderabad: Malabar Group is going to invest Rs. 750 crore in Telangana State. It will set up a gold and diamond jewellery manufacturing unit along with a refinery.
The office of K. T. Rama Rao, Minister of Municipal Administration and Urban Development of Telangana on Wednesday said that the investment will create 2500 jobs.
Earlier, Malabar Group Chairman M.P. Ahammed met KTR, Industries Secretary Jayesh Ranjan, and officials, The Hindu reported.
KTR assured the group that the state government will provide complete support to the firm.
It is also reported that the proposed unit is likely to be launched in Maheshwaram Industrial Park.
It may be mentioned that Malabar Gold and Diamonds is one of the largest retailers of jewellery across the world.
Earlier, Kitex Group made an announcement of Rs. 1000 crore investment in the state. It has decided to set up an apparel manufacturing facility at Kakatiya Mega Textile Park, Warangal.
The investments in the state will not only result in an increase in tax collection but also provide employment opportunities to job seekers.