Expecting better sales after the new uniform taxation regime GST, Malabar Gold & Diamonds has drawn up a Rs 2,000 crore expansion plan to open 80 more stores this financial year.
On how the expansion will be funded, company's Chairman M P Ahammed said 75 per cent will be debt from banks and the remaining Rs 500 crore will be internal accruals.
The Kozhikode-based company is the second largest jewellery retailer in the country with 85 showrooms, behind Tata's Tanishq, and has 97 stores abroad. Of the 80 stores planned this year, 40 will come up in the Gulf markets, and 10 in other markets like Sri Lanka, Hong Kong and Singapore and Malaysia, and the chain is on course to enter Sri Lanka and Hong Kong soon.
The group, which is also into real estate, has clocked Rs 26,000 crore in revenue in fiscal 2017, up from Rs 21,000 crore a year ago.
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