Warburg Pincus-backed Kalyan Jewellers to invest Rs 800 crore during the current fiscal. The Kerala-based jewellery brand said that it will open 22 showrooms during the current fiscal.
T S Kalyanaraman, chairman and managing director, Kalyan Jewellers, who was in Chennai to announce world's largest jewellery showroom in the city, said that with it the number of showrooms will increase to 78 and by end of this fiscal will go up to 100.
The company clocked Rs 10,000 crore turnover targeting to close Rs 13,000 crore end of 2015-2016. The new showroom, which will spread over in 40,000 sq ft in Chennai was set up at a cost of Rs 200 crore.
"This will be the largest investment by us in a store," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers. He noted, average investment the company would make in a store is around Rs 40-50 crore.
The proposed expansion will be funded through internal resources. Recently Warburg Pincus picked up minority stake in Kalyan Jewellers for Rs 1,200 crore.
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