Kalyan Jewellers sets up subsidiary firm in Oman to expand biz

Kalyan Jewellers on Thursday said it has set up a subsidiary company in Oman to expand its business. The new subsidiary, Kalyan Jewellers Procurement SPC, was incorporated on December 28, 2023, a regulatory filing said. “The object of incorporation of this step down subsidiary is to expand jewellery business in Oman,” it added. Kerala-based Kalyan Jewellers recorded a 30 per cent jump in consolidated net profit to Rs 278 crore during the first half of the current fiscal as against Rs 214 crore in the year-ago period.It has 209 showrooms across India and the Middle East.