Aditya Birla Group, a cement-to-financial services conglomerate with revenues of $60 billion, is reportedly planning to enter the branded jewellery retail space in India, according to a report by The Economic Times.

According to two unnamed executives familiar with the matter, AB Group aims to launch large jewellery retail stores and in-house brands spanning the retail spectrum, from daily wear to high-end jewellery.

The group has earmarked an investment of ₹4,500 to 5,000 crore and is in the process of selecting a leadership team to manage the division, the report added.

The jewellery venture is being overseen by group chairman Kumar Mangalam Birla and will supposedly be independent of the group’s well-established fashion and retail business.