Aditya Birla Group announced on Tuesday that its new venture, Novel Jewels Ltd, is entering the branded jewellery retail business. The company will invest Rs 5,000 crore to open large and exclusive jewellery retail stores nationwide under its own jewellery brand.

“Aditya Birla Group’s foray into branded jewellery retail marks a pivotal moment in our storied tradition of building businesses on trust. The foray is a strategic combination choice that enables us to capitalise on new growth engines and expand our influence in the dynamic Indian consumer sector,” said Kumar Mangalam Birla, chairman of Aditya Birla Group.

“With rising disposable incomes, discerning and aspiring consumers increasingly gravitate toward design-led, bespoke, high-quality jewellery. The joint venture will leverage Aditya Birla Group’s deep expertise in lifestyle retail and its nuanced understanding of consumer preferences,” he added.

This is the group’s third foray into new business in the past two years, following business-to-business (B2B) e-commerce in coatings and building materials.

“The new company will seek to transform the customer experience by creating a desirable national brand with unique designs and strong regional flavours,” the company said in a release.

It added that the venture would be led and run by a newly recruited leadership team with “deep retail and category expertise”.