DUBAI: Bhima Jewellers is finalising plans to raise AED1 billion (Rs2285 crore) to fund its GCC growth plan where competition among the Indian jewelers has intensified of late.
Bhima is busy holding discussions with high net worth individuals (HNWIs) and foreign institutions to raise the fund to finance its aggressive expansion plan across the GCC.
The Indian Jeweller is one of the oldest and family-run Indian jewellers celebrating a legacy of 100 years in India, and its tenth year of operations in the UAE.
Unveiling the expansion plans, Dr B Govindan, Chairman, said it will utilise 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.
First fund raising outside
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.
Head office in Dubai
It opened its new 6,000 sq ft head office in Dubai recently 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 jeweler.
No immediate IPO plans
She added 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 funds.
Bhima Group spokesperson 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 60 outlets, while in the UAE it currently runs four.
