Kalyan Jewellers to invest Rs 10 bn to open 20 stores, enter US market

Kalyan Jewellers is planning to invest Rs 10 bn to add 20 stores in the country and also enter the US market in this financial year, a senior company executive said.

"We will first invest Rs 5 bn 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," Kalyan Jewellers chairman and managing director TS Kalyanaraman told PTI here.

The company is also planning to open another 10 stores with an investment of Rs 5 bn 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.