Kalyan Jewellers is planning to make an investment to the tune of Rs 300 crore towards expansion. The jewellery store chain will make the investment to expand its presence in southern states by opening eight new showrooms.
It plans two showrooms each in Tamil Nadu, Andhra Pradesh, Karnataka, and one each in Telengana and Kerala. An investment of Rs 30 to 45 crore will be made in each showroom. The funding will be done through a combination of internal accruals and bank loans.
The expansion is in line with the company’s strategy to more than double the number of showrooms to nearly 250 in the next five years from the current 137 globally, including 103 showrooms in India.
In 2018, the company’s focus was to expand operations in non-south geographies, hence it forayed into 10 new markets, including Assam, Chhattisgarh and Jharkhand.