Mumbai/IBNS: The Aditya Birla Group on Friday (July 26) ventured into the rapidly expanding Rs 6.7 trillion Indian jewellery retail market with the launch of its in-house jewellery brand 'Indriya'.

The brand, which will be housed under the company Novel Jewels, aims to secure a position among the top three jewellery retailers in India over the next five years with an investment of Rs 5,000 crore.

Aditya Birla Group plans to set up four stores on Saturday (July 27) in Delhi, Jaipur and Indore, while the brand has plans to expand to 11 cities in the next six months, according to reports.

Aditya Birla Group's chairman Kumar Mangalam Birla said on Friday, while launching 'Indriya' in New Delhi that the group plans to continue to grow at 50 percent compound annual growth rate (CAGR) in the next five years.

The company aims to unveil new designs in stores every 45 days, said Kumar Mangalam Birla, adding that 'Indriya' stores will be 40 percent larger in size than the average national brands.

As per reports, Indriya has 15,000 jewellery pieces (stock keeping units) crafted by 3,500 artisans in 13 cities.

Novel Jewel will be led by Dilip Gaur and Sandeep Kohli as the Director and CEO, respectively, as per reports.