Bhima Jewellers eyes $272mln funding for big GCC expansion

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Bhima Jewellers, one of the oldest and family-run Indian jewellers celebrating a 100-year legacy and its 10th year of operations in the UAE, has unveiled its aggressive expansion strategy for the GCC region, targeting 15 new stores across the UAE within the next three years.

The group opened its new 6,000 sq ft head office in Dubai today (October 21) as part of the expansion strategy.

The top jeweller aims to raise AED1 billion ($272.2 million) from HNWIs and FIIs to fund its expansion plan which includes boosting presence in other GCC countries starting with Qatar and Bahrain.

Unveiling the expansion plans, Dr B Govindan, Chairman, said this is the first time Bhima has ventured out to seek funds externally.

"We have 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," he stated.

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. 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.

"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, the Managing Director.

However, Madhav said there were no plans for an IPO at this point and the management was looking at various options such as offering equity investments or bonds to raise the funds.

The group said it was in talks with a number of investors and institutions and the response to its investment proposition had 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.-TradeArabia News Service