Bhima Jewellers, one of India's oldest and family-run jewellers, is set to raise Dh1 billion from high net worth individuals (HNWIs) and foreign institutional investors (FIIs) across the GCC and globally to fuel its expansion plans in the Gulf region.
Dr. B Govindan, the chairman of Bhima Jewellers, revealed that the funds will be utilized to establish 15 new stores in the UAE over the next three years. The company also plans to expand into other GCC countries, beginning with Qatar and Bahrain. This marks the first time Bhima has sought external funding.
According to company spokespersons, Bhima's brand and corporate governance standards have matured significantly over the years, positioning it well to manage and ensure growth and return on investment (RoI) for its investors. Dr. Govindan emphasized that Bhima, with a legacy of 100 years, is now looking to partner with investors who share its trust and belief in the brand's integrity and financial discipline.
Founded in 1925 in Alappuzha, Kerala, Bhima Jewellers has a robust presence in both India and the UAE. The company inaugurated its new 6,000 sqft head office in Dubai on Monday, part of its ongoing expansion efforts in the GCC.
B. Bindhu Madhav, managing director of Bhima Jewellers, stated, "With our leadership team possessing deep insights into customer expectations, we are well-equipped to introduce our brand to new markets in the GCC." He further noted that there are no immediate plans for an IPO, and the management is considering various options such as equity investments or bonds to raise the required funds.
Bhima Group spokespersons confirmed that they are in discussions with several investors and institutions, and the response to their investment proposition has been notably positive.
Currently, Bhima operates 60 outlets across India and has four stores in the UAE.
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