Aditya Birla Group launched the jewellery brand 'Indriya', announcing its entry into the Rs 6.7 lakh crore Indian jewellery market.
Aditya Birla Group aims to be among the top three retailers in the jewellery segment in the next five years and has earmarked Rs 5,000 crore for setting up a retail network for the jewellery business, according to a statement.
"This strategic move marks another significant milestone as the Group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights," it added.
The group "aims to secure a position among India's top three jewellery retailers over the next five years. This ambitious venture is backed by an unprecedented investment of Rs 5,000 crore", it said.
In the branded segment, Aditya Birla Group would compete with Tata Group's Tanishq, a market leader in the branded jewellery market and Reliance Jewels, the brand owned by Mukesh Ambani-led Reliance.
Commenting on the development, Aditya Birla Group Chairman Kumar Mangalam Birla said the Indian consumer is rapidly coming of age, and India is perhaps the most promising consumer cohort globally.
"This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands - in paints and jewellery," he said.
