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Aditya Birla Group plans to venture into two new businesses of decorative paints and gold jewellery business this year. While the Group has housed the paints business under Grasim Industries, it has incorporated a new entity Novel Jewels.
With an aim to create an aspirational national jewellery brand with a strong regional flavour, Novel Jewels plans to invest ₹5,000 crore to build a nation-wide network of large-format exclusive stores.
The Group expects the gems and jewellery industry, which contributes about 7 per cent to the GDP, to reach $70 billion by 2025. The jewellery industry in India is largely driven by individual family-owned businesses with very few national brands.
Kumar Mangalam Birla, Chairman, Aditya Birla Group, in his annual note ‘Reflection’ said the Group had many milestones last year with overall market capitalisation increasing 40 per cent over the previous year to about $90 billion. Manufacturing businesses consolidated their leadership positions, while the consumer businesses are on the brink of transformational growth.
“With the launch of two new and large businesses in 2024, we are constructing a growth platform with a unique mix of strength and scope,” he said.
India moves ahead
There is a palpable sense that the country is on the move. India is awash with optimism, pride and anticipation and this stems from the country’s accelerated high-growth trajectory for which the government deserves much credit, he said.
As large pockets of the world remain engulfed in pessimism, India seems to stride forward with unwavering optimism. This is the dynamism and energy of a young country and ancient civilisation that has found its voice and footing, said Birla.
Over 45,000 people experienced the Atal Setu in Mumbai on the first day after it was opened, relishing the graceful decks vaulting over the seaway as harbingers of a world of better infrastructure. An estimated 300 million people travelled for domestic vacations in 2023, while air travel reached an all-time high of over 150 million.
“I was one of millions of Indians who undertook a journey of discovery within India, with trips to Puri and Rameswaram in 2023,” he said.
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