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India’s Gitanjali plans USD75m UAE investment

28 May 2012

(MENAFN) India’s Gitanjali Group’s founder and chairman, Mehul Choksi, announced that the jewelry retailer will expand its presence in the UAE through an investment of USD75 million, reported Arabian Business.

Choksi added that in two years, the retailer, which launched its first store in Lamcy Plaza in Dubai, will increase its outlets in the Arab Gulf country to 110.

Moreover, the company inked 50 shop-in-shop deals all over the UAE, adding that even though the brand is aimed at the expatriate Indian market, however, the firm will introduce products targeting the Arab market.

It is wroth noting that the Gitanjali Group, which was established in 1966, is listed on Indian stock exchanges since 2007, and has an annual turnover of more than USD2.1 billion.

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