CITIES

Malabar Group to investment Rs 750 crore in Telangana

Hyderabad: The Malabar Group will invest Rs. 750 crores in Telangana in the form of a gold and diamond jewelry manufacturing unit along with a refinery. The new investment was formalized on Wednesday after a meeting was held by state IT and industries minister KTR and represetatives from the company.

The new investment will create employment for about 2500 people in the state, said a press release from KTR’s office. Malabar Group chairman MP Ahmed and a team of representatives met KTR in Hyderabad, after which the investment’s announcement was made.

Representatives of the Malabar Group also mentioned that the availability of “quality human resources” in the state along with an investment-friendly atmosphere and policies of the government encouraged them to come forward and invest in Telangana, the release added.

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The Malabar Group has 260 jewelry stores across the globe. KTR welcomed the group and and that the Telangana government will provide complete support to the firm. He also also expressed happiness over the expected employment of 2500 the investment is likely to generate. He added that there were skilled jewelers in various districts of Telangana and requested the company’s heads to consider creating employment for them in their firm.

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