Diamond retail chain ORRA Diamonds has drawn up a Rs 75-crore capex plan for retail expansion over the next three years, a top company official said.
"We have taken up a major retail expansion drive with capital expenditure plans of Rs 75 crore. We will set up another 16 new stores over the next three years period," ORRA's CEO Vijay Jain told PTI here.
The company already has 29 stores in 19 cities and is adding four new stores at Baroda, Lucknow, Jallandhar and Amritsar this year, Jain said.
The company will raise the fund through private equity investors for which it is negotiating with investor bankers, he said, adding the company has no plans to enter the capital market.
The company expects 20 per cent growth in the domestic market this year, Jain said.
With Akshaya Trithiya festival round the corner, and the impending marriage season, consumers may shop for diamond jewellery instead of gold, he said.
"Leveraging our design leadership and product innovation, we are offering our customers a wide range of jewellery beginning at an affordable rate of Rs 5,000 onwards," Jain said.
