India-based Kalyan Jewellers plans to establish an outlet in Saudi Arabia over the next six months.
The jewellery retailer has more than 100 outlets across India and West Asia, and planned to add 20 outlets during this fiscal year.
Kalyan Jewellers executive director Ramesh Kalyanaraman was quoted by Thehindubusinessline.com as saying: “Six of these have already become operational. While four new outlets were opened in India, we added two abroad, including one in Sharjah.”
The retailer has not disclosed where it plans to open an outlet in Saudi Arabia.
The investment for India's expansion plan is estimated to be around Rs7bn, while it is around Rs2bn for West Asia.
The amount will be partly funded from internal accruals, Kalyanaraman added.
The retailer opened its first showroom in 1993 in Kerala, south India.