New Delhi, Jul 30 (PTI) Jewellery retailer Joyalukkas on Wednesday said it has secured a working capital of 500 million UAE dirham (Rs 1,187.5 crore) through Dubai-based banking group Emirates NDB to support the expansion plans.

This milestone agreement supports Joyalukkas' long-term expansion plans across the UAE and key international markets, including the UK, the USA, Canada, and Australia.

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"...the AED 500 million facility ensures timely access to inventory financing and liquidity to support peak trading periods and supplier commitments," the company said in a statement.

The facility offers working capital on a revolving basis, enabling Joyalukkas to draw and repay funds as needed, thereby enhancing cost-efficiency and operational control, it said.

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Joy Alukkas, Chairman of Joyalukkas Group, said, "Structured with flexibility and foresight, this deal sets a new benchmark in the jewellery industry and reflects our pioneering approach to organised retailing."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)