Whopping Rs 5k cr investment! After paints, Aditya Birla Group's foray CONFIRMED for this business

whopping rs 5k cr investment! after paints, aditya birla group’s foray confirmed for this business

Aditya Birla Jewellery Business: Aditya Birla Group has announced its grand entrance into the branded jewellery retail sector with a whopping Rs 5,000 crore investment. This marks the conglomerate’s third major venture in two years following successful expansions into paints and B2B e-commerce for building materials.

Aditya Birla Group Chairman Kumar Mangalam Birla confirmed this during the launch of Aditya Birla Capital Digital’s new direct-to-customer app platform.

Birla has set an ambitious target for the group’s financial services arm, aiming to place it among the top three players in lending, asset management, insurance, and payments, as per TOI report.

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This ambitious plan coincides with the launch of Aditya Birla Capital Digital’s (ABCD) new direct-to-consumer app platform. Birla anticipates the platform will nearly double their customer base within three years, adding 3 crore new customers to their existing 3.5 crore.

Informing that the group is now focusing on consumer-facing businesses, Birla said, as quoted by TOI, “The launch of new consumer-facing ventures marks the group’s commitment to constructing a growth platform characterised by a unique confluence of strength and breadth. Just last month, we launched our paints business, with an initial investment of Rs 10,000 crore.”

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He further said that the group will launch their jewellery retail venture with an initial investment of Rs 5,000 crore in a few months. “Just last month, we launched our paints business, with an initial investment of Rs 10,000 crore. In a few months, we will launch our jewellery retail venture with an initial investment of Rs 5,000 crore,” he said.

These ambitious targets have been set at a time when other corporate groups, such as Reliance’s Jio Financial, Bajaj Finance, Tata Capital, and L&T Financial Services, have set similar growth targets.

In June last year, the group announced its plans to enter retail jewellery at an investment of Rs 5,000 crore. The business will be housed under a new venture, Novel Jewels Ltd.