Manappuram Jewellary Ltd (MJL) plans to increase the number retail showrooms to 50 by the end of this financial year and double it a two to three years. The group has earmarked Rs 3,000 crore for expansion.
It has a network of 14 retail showrooms spread across Andhra Pradesh, Karnataka, Tamil Nadu and Kerala, and will open its 15th showroom in Kamanahally in Bangalore on August 28, said VP Nandakumar, chairman, Manappuram group.
The group has been in the business of gold since 1949 and it’s flagship company Manappuram Finance Ltd (MFL) is a leader in lending loans against gold ornaments with more than 2,500 branches spread across India.
It entered the retail gold ornaments business in 2010. The gold retail arm of the group, operating under the brand name of Riti, is planning to enter the capital market in 2015 by way of an IPO.
As part of this strategy, Manappuram Jewellery, which was registered as a private limited company, has since been converted into a public limited enterprise with effect from August 18 2011.
The registrar of companies has issued a certificate with respect to this change
The group has recently entered into the healthcare sector by floating the Manappuram Healthcare Ltd with an initial investment of Rs 1,000 crore.