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Jewellery retailer Malabar Gold & Diamonds plans to open 35 showrooms across Tamil Nadu by 2015 with supply chain centres at Chennai, Coimbatore, Madurai, and Trichy. As part of the expansion plan, the company will invest over Rs 500 crore to open more than 20 retail outlets this year.The group plans to open stores in Thanjavur, Dharmapuri, Hosur, and Ramanathapuram. It also aims to add two showrooms in Chennai at Velacheri and Vadapalani in the current year. Besides that, the company will open showrooms in Vellore, Kumbakonam, Tirunelveli, Nagercoil, Trichy, Tuticorin, Tiruvannamalai, and Pondicherry in 2013.
According to M P Ahammed, Chairman, Malabar Gold & Diamonds, the company also plans to increase its store count to 220 from 70 with an investment of Rs 5,000 crore in the next 4 years and triple its annual turnover to Rs 30,000 crore. Ahammed said the company is expanding across India and GCC countries. Its expansion plans include Far East countries, like Indonesia, Malaysia, Thailand, Singapore, China, and Ceylon, and US and UK. By 2013, the group plans to launch 22 showrooms in GCC countries in addition to the existing 25 while the domestic expansion plans include increasing its network in Delhi, Mumbai, Ahmedabad, Punjab, and Haryana.