Malabar National Hub set up in 50K sq ft
Media Coverage | 30-09-2023
Group with turnover of 40,000 crore sets foot on Mumbai
With a turnover of `40,000 crore, the Malabar Gold and Diamonds company set up its footprint in Mumbai by setting up Malabar National Hub at Marol MIDC in an area spread over 50,000 square feet.
Maharashtra deputy chief minister Devendra Fadnavis inaugurated the new facility on Friday. A number of renowned personalities from diamond gold industry and other fields attended the event. They included chairman of the editorial board of Lokmat Media Group and former member of Rajya Sabha Dr Vijay Darda, chairman of Malabar Group M P Ahammed, vice chairman Abdul Salam KP, and executive director (India Operations) O Asher.
The Malabar Group aims to invest 1 lakh crore in the country. Till date, the group has invested ` 700 crore in Maharashtra and will invest an additional `1,000 crore in coming years, announced Ahammed.
Fadnavis, on the occasion, said, “The group has set a target of creating 1 lakh jobs in next four years.” Fadnavis, however, stressed on providing 50% of jobs to locals.
India will surpass China and top the world in gem and jewellery industry in the next few years, he added.
Dr Darda said, “While Ganeshotsav is over, the Malabar Group has announced an investment of `1000 crore in Maharashtra and I am delighted over it.” With an investment of `40,000 crore, Malabar Group is number one group in India in jewellery sector. It has generated employment for 24,000 people, Dr Darda said while praising the group.
When Sharad Pawar was chief minister, he allotted 20 acres of land at the Bandra-Kurla Complex (BKC) and today a large diamond hub stands at the BKC, Dr Darda said. However, in the following years, due to some neglect, the industry moved to neighbouring Gujarat. Today this industry has given employment to four lakh people in Gujarat, Dr Darda added. He also urged Maharashtra and the Central government to look into the problems of diamond industry.
After IT industry, it is the largest exporter of jewellery. PM Modi has set a target of $75 billion for the country. With Devendra Fadnavis’ initiative, the fulfilment of that goal has started with inauguration of Malabar National Hub in Mumbai, Dr Darda said. Since the State government wants to bring more development, third airport should be set up in Mumbai, he suggested.
Milan Parekh, Ghanshyam Dholakia, president of Gold Association Siyam Mehra, regional head of Malabar Gold Funjim Ahammed, ‘Bullion King’ Prithviraj Kothari and JJPC vice president Kirit Bhansali were also among the prominent personalities present on the occasion. Salam KP proposed a vote of thanks.
The inauguration of Malabar National Hub today is a proud moment and a milestone for us as we commemorate 30 magnificent years of our journey. This will help to fuel our worldwide growth objectives and create the groundwork for the next phase of expansion. Malabar Group has invested `700 crore in Maharashtra and plans to invest additional `1000 crore in the state in the near future. We are focused on expanding our network of over 190 showrooms across the country. Dy CM Devendra Fadnavis extended his wholehearted support to develop Malabar National Hub and therefore we could expand our wings to Maharashtra.
– M P Ahammed,
Chairman, Malabar Group
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