Hyderabad: Telangana State has scored big again in attracting investment. Internationally known gold and jewellery brand Malabar Group has decided to invest Rs 750 crore for setting up a gold and diamond jewellery making unit as well as a gold refinery in the State.
The project will give employment opportunities to about 2,500 skilled personnel from the Swarnakar community.
Malabar Group announced its decision to invest in Telangana here on Wednesday after a delegation led by its Chairman MP Ahmed held a meeting with Industries Minister KT Rama Rao.
Thanking the Malabar Group for choosing Telangana as its investment destination, the Minister assured that the Government will extend the required support. Highly skilled personnel who are in the traditional jewellery making business are present across the State, Rama Rao said, requesting the company to consider these people for employment.
Malabar Group said it zeroed on Telangana for its investment after seeing the industry-friendly environment in the State and the industrial policies under implementation. Availability of quality manpower resources was another factor that made Malabar decide in favour of Telangana.
The Group also lauded Telangana’s approach in dealing with investors and industries, and said it was impressed with the ease of doing business in the State. The Group has 260 stores internationally and the proposed investments will strengthen its jewellery manufacturing wing, it said.
Industries Principal Secretary Jayesh Ranjan and others participated in the meeting.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.