Titan Company Limited (TITAN.NS)

UPDATE 1-Aditya Birla Group bets on branded jewellery with over $600 mln investment

India's Aditya Birla Group said on Tuesday it was foraying into the branded jewellery retail business with an investment of 50 billion rupees ($605.2 million), as it looked to attract affluent customers in a crowded market. A new venture, named Novel Jewels Ltd, will house the jewellery business that will build large retail stores across India with in-house brands, the group said in a statement. The telecom-to-metals conglomerate's entry comes at a time when the market is dominated by thousands of small and large local independent jewellery stores, as well as branded outlets like Titan Company-owned Tanishq and CaratLane, and Kalyan Jewellers.