The Joy Alukkas Group has chalked out a retail expansion, for which it is considering various options for funding including an initial public offering (IPO), apart from private equity funding, reports say. The company delves in jewellery retailing, manufacturing and exports with presence in India, the UK, the UAE, Bahrain and Saudi Arabia. %% It intends to expand with 20 new retail outfits across India within two years, including three flagship stores and the remaining as smaller showrooms. Reports say that majority of the cost would be funded from bank credit lines, and the remaining from other channels.