New Delhi: Kalyan Jewellers to add 20 stores in the country with an investment of Rs 1,000 crore and also plans to enter the US market in this financial year, the company’s Chairman and Managing Editor, TS Kalyanaraman said.
"We will first invest Rs 500 crore to open 10 new stores in the next three weeks - one each in Indore, Kanpur, Ranchi, Raipur, Siliguri, Guwahati and Nagpur, and three in Delhi-NCR," Kalyanaraman said.
The company is also planning to open another 10 stores with an investment of Rs 500 crore in the last two quarters of FY19, and also enter the US market, he added.
The funds for this expansion will be raised through internal accruals, Kalyanaraman said, adding that all the stores are company-owned.
"The investment for expansion is being funded through internal accruals. There will not be any additional bank borrowings or capital dilution," he added.
Kalyan Jewellers at present has 122 company-owned stores, of which 90 are in India and 32 are in the Middle East, including Kuwait, Qatar, Oman and the UAE.
Kalyanaraman said the company will continue to focus in the domestic market and would keep the overseas revenue contribution at about 20-25 per cent.