fbpx
HomeNewsICICI Bank sanctions INR 500 Crore debt facilities to Aditya Birla's Novel...

ICICI Bank sanctions INR 500 Crore debt facilities to Aditya Birla’s Novel Jewels for expansion

ICICI Bank has sanctioned INR 500 crore in debt facilities to Novel Jewels, a jewellery retail store promoted by the Aditya Birla group, as reported by ET. This financial support is intended to kickstart the company’s operations in the next quarter, according to individuals familiar with the matter. Furthermore, it was disclosed that the promoter companies infused INR 290 crore into the company last year.

Initially, Novel Jewels will open four to five stores in July, spanning various cities in northern, western, and central India.

Aditya Birla Group’s retail jewellery venture, Novel Jewels, to kick off operations this July

Requests for comments from Aditya Birla Group and ICICI Bank went unanswered.

ICICI Bank, serving as the sole lender thus far, has sanctioned INR 450 crore as a working capital loan and INR 50 crore as a term loan.

Essel Mining and Industries will maintain a 51% stake and inject INR 148 crore in equity capital. Meanwhile, Aditya Birla Chemicals (Thailand) and Surya Kiran Investments will collectively hold 49%, with investments of INR 55 crore and INR 87 crore, respectively. Essel Mining, closely affiliated with the Aditya Birla Group promoters, engages in the mining sector and holds interests in several Aditya Birla group firms via its subsidiary IGH Holdings.

Last June, the group announced its venture into the branded jewellery retail business with an investment of around INR 5,000 crore. They aim to establish large-format exclusive jewellery retail stores across India, showcasing in-house jewellery brands. “The promoters have committed INR 5,000 crore to this endeavor, recognizing its capital-intensive and competitive nature,” said a consultant.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

Latest articles

Spanish beauty giant Puig sets stage for €14bn IPO, Europe’s largest of the year

Puig, the renowned Spanish beauty conglomerate known for beloved brands such as Paco Rabanne...

Costa Coffee expands to Italy, unveils first store at Fiumicino Airport

Costa Coffee has ventured into the Italian market with the opening of its first...

UK-based Shicken eyes profitability by 2025 following successful US expansion

Shicken, a UK-based producer of vegan ready-meals, is targeting profitability by 2025 after its...

Subway brings back Honey Oat Bread and Creamy Sriracha Sauce across the US!

Subway is reintroducing its Honey Oat Bread, making a comeback after four years of...

Related Articles

Quick commerce unicorn Zepto raises $31.25 million in Series E funding, supported by Goodwater Capital and Nexus Venture Partners

Zepto, a fast-growing quick-commerce unicorn headquartered in Mumbai, secured an additional $31.25 million in...

Fresh off its $35m funding, Bengaluru-based Third Wave Coffee lays off 10% of staff

Less than three months after securing a $35 million funding round, Bengaluru-based Third Wave...

South Indian QSR chain IDC Kitchen raises INR 1.5 Crore in debt funding from Peter Thiel-backed Velocity

IDC Kitchen, a quick service restaurant chain, has secured INR 1.5 crore in a...
× Drop a, Hi?