India’s Bhima Jewellers to raise AED 1 billion from HNWIs, FIIs for Aggressive GCC Expansion
Date
10/23/2024 3:26:51 AM
(MENAFN- OZON MARKETING) Dubai, October 21, 2024; Bhima Jewellers, one of the oldest and family-run Indian jewellers celebrating a legacy of 100 years in India, and its 10th year of operations in the UAE today announced that it will raise AED 1 billion from HNWIs and FIIs to fund its aggressive expansion plan across the GCC.
Unveiling the expansion plans, Dr. B Govindan, Chairman, said it will utilize the funds to open 15 stores in the UAE in the next three years and expand its presence to other countries in the GCC, starting with Qatar and Bahrain.
This is the first time Bhima has ventured out to seek funds externally, and according to the spokespersons, the group’s brand and corporate governance standards have evolved and matured over the years to manage and ensure growth and RoI for its investors.
Bhima has a legacy of 100-years, and the company is now seeking to partner with investors who share the same trust and belief in the brand’s integrity, financial discipline and visionary leadership, said Dr B. Govindan.
Bhima Jewellers was founded in 1925 in Alappuzha, in the south Indian state of Kerala and has a strong presence in India and the UAE. It opened its new 6,000 sq. ft head office in Dubai today as part of the expansion plans in the GCC.
“With the leadership team equipped with deep insights into customer expectation, we are well positioned to take our brand to new markets in GCC,” said B. Bindhu Madhav, Managing Director of the jeweller, adding that there are no plans for an IPO at this point and the management is looking at various options such as offering equity investments or bonds to raise the funds.
Bhima Group spokespersons said they are in talks with a number of investors and institutions and the response to its investment proposition has been significantly encouraging.
In India Bhima is present across the country and has a total of 60 outlets, while in the UAE it currently has four.
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