Aditya Birla Group is moving ahead on its expansion plan. The group has forayed into the Branded jewellery Retail Business with an investment of Rs 5,000 crore.
New Delhi:The new venture ‘Novel Jewels’ will open large format jewelery retail outlets across the country with its jewellery brand, Aditya Birla Group said in a statement.
Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “This launch is a strategic portfolio choice, which allows us to grow into new growth areas and expand our presence in the vibrant Indian consumer landscape. There will be competition with companies. Tata is also in the retail jewellery market under the brand name Tanishq.
This is the third new venture of the group in the last two years. Prior to this, it had entered B2B e-commerce for paints and building materials. Aditya Birla Group Chairman Kumar Mangalam Birla said that this strategic portfolio choice will provide a new engine of growth to the group and will provide a new growth engine in the consumer landscape. Our presence will increase. The disposable income of people is increasing and their trend is increasing towards high-quality jewellery. The total business of Aditya Birla Group is 60 billion dollars. Its major companies include Grasim Industries, Hindalco, Aditya Birla Fashion & Retail and Aditya Birla Capital. About 1,40,000 employees work in this group. Birla had said in the company’s AGM that by the year 2026 the company’s revenue is expected to reach Rs 21,000 crore.