The Malabar Group is chalking out a massive expansion plan involving around Rs 1,000 crore in investment, as per reports. The Group intends to have a major focus on expansion abroad, with taking first steps in Hong Kong, Indonesia and Sri Lanka. Malabar Gold & Diamonds also plans to increase its store numbers to 200 by December 2017.

The expansion will be carried out in phases of which the first phase involves an investment of Rs 620 crore to open 24 stores; some stores have already opened in the Gulf region and in India. In the second phase, an investment of Rs 350 crore will be spent towards new markets including Indonesia, Hong Kong and Sri Lanka. At present, the company is conducting market research in these markets.

The company noted that the expansion is its largest vertical growth effort and also underlines its confidence in the markets of Gulf, India and Far Eastern regions. The company intends to be the largest jewellery retailer in the years ahead, as per reports.

The company’s retail network has grown from 161 stores at the end of December 2016 to 172 and is expected to reach 185 by March. Of these stores, 86 are in the GCC markets and seven stores will open in India, as per reports. Of the capes, Rs 400 crore will be dedicated to the expansion in India and remaining for overseas, reports add. Part of the expansion will also involve increasing the number of professionals by 1,000 in India and overseas, reports add.