Mumbai,March 23rd, 2010: Thrissur based Manappuram Group is entering
Jewelery retail business in a big way with its Trade mark “Manappuram
Gold”. The flagship Company of the Group, Manappuram General Finance &
Leasing Limited (MAGFIL) is India’s largest listed, highest credit rated and
highest capitalised Gold Loan Company with more than 1000 branches all over
A Company named “Manappuram Jewellery (P) Ltd” has been incorporated for this new venture. “An investment of Rs.1000 crores is planned over the next five years to open 50 Jewellery outlets in South India” said Mr.V P Nandakumar, Chairman of Manappuram Group. The vision is to make “Manappuram Gold” a standalone brand that has unique collections and designer made choice, Shri. Nandakumar added.
Manappuram has gained tremendous insight and expertise in gold through its
gold loan business over 60 years. Retail gold Jewellery business is only a
horizontal extension of the existing business. According to data available,
over 15% of the 1.5 lakh tonnes of gold available in the world is held by
the households in India. Even if there is an increase in 2% in the private
buying of gold in India, it will amount to 300 tonnes and this provides a
very good opportunity for Manappuram to enter retail Jewellery
business. According to Mr.V P Nandakumar, the branch network and brand image of Manappuram will substantially help the new venture.
As a beginning, a modern show room of gold and diamond Jewellery will be
opened at Valapad at 11 am, on Sunday 28th March, 2010 by the well known
film actress Ms. Samvrita Sunil.
On the same day evening, Mr. K Shivram, Vice President of World Gold Council
(WGC) will inaugurate the new venture at a special function to be held at
Valapad. The meeting will be followed by cultural and music program.