Aditya Birla Group enters Jewellery Biz with ‘Indriya’

NEW DELHI: Aditya Birla Group Chairman, Kumar Mangalam Birla, on Friday announced the launch of the Group’s jewellery retail business, marking the Group’s foray into the rapidly expanding Rs.6.7 lakh crore Indian jewellery market.

The jewellery business, launched under the brand Indriya, aims to secure a position among India’s top three jewellery retailers over the next 5 years. This ambitious venture is backed by an investment of Rs 5,000 crore.

Birla will now be competing in a market that has a strong presence of other conglomerates such as Tata Group-owned Tanishq and Reliance Jewels. The other big players in the organized market are Kalyan Jewellers, Malabar Gold, Joyalukkas Jewellers and Senco Gold.

Birla’s entry into the jewellery market comes right after gold prices corrected sharply by 7% or Rs 5,000 per 10 grams in the local markets after the government slashed basic custom duty on gold.