Indian jeweller Kalyan has earmarked $160 million to support its domestic and overseas expansion plan.

Executive director Ramesh Kalyanaraman said they’ll open 19 new stores in the 2014-15 financial year, 10 of them in India. Currently, Kalyan has 52 stores in India and six in the UAE.

Overseas expansion is targeted at markets including Kuwait, Bahrain, Qatar, UAE, Malaysia and Singapore.

The jewellery retailer had been reported to be in talks with PE firms Blackstone, Temasek Holdings and TPG Capital Management to sell a minority stake.

However, Kalyanaraman denied the report saying there was no plan to dilute stakes and raise funds at the moment.