Atlas Ramachandran, the Malayali jeweller who spent three years in Dubai jail and released lately, has decided to come back to his old forte, jewellery business, once again. While settling debts with a clutch of banks, he wants to restart his gold jewellery business with a single showroom in Dubai.
Ramachandran has recently held discussions with various bank representatives regarding the restructuring of debts and his returning to the gold business. According to the source, a draft report of the new plans will be launched before July 31. During the meeting, the status of various Atlas Jewellery showrooms and other Atlas business ventures came up for discussion.
As a first step, Ramachandran plans to open a new, single jewellery showroom in Dubai. Moreover, many people both from India and UAE have expressed interest in investing in his new venture. He is now trying to source the right people and make ties with them.
Right now, Atlas showrooms in Saudi and Kuwait are running well. He also plans to continue with the showroom in Muscat. Atlas Jewellery in India is also functioning profitably. The business in Bengaluru, Thane showrooms is robust. Listed in Bombay Stock Exchange, the share price of Atlas has gone up to Rs.154. Ramachandran still keeps around five crore shares with him. According to the current market price, shares with him cost around Rs.750 crores. With the consent of shareholders, there is no hassle to restart business in UAE. He plans to raise more funds to start his business and life once again from Dubai. He also plans franchise business as the brand Atlas is trustworthy.