Friday, 22nd October 2004 (4407 views)

The largest gold jewellery exporter in India, Rajesh Exports, has announced it is currently in talks to buy an equity stake in gold mines in Australia and South Africa.

Chairman Rajesh Mehta has revealed that the company plans to spend around $40-$50 million for the mines, which together control nearly half of world gold production.

A host of options are being considered for raising the funds, including issuing fresh shares, selling founders' stakes or taking on debt.

In addition, the firm is planning to spend around $11 million on new diamond-studded gold jewellery to boost its presence in India and the world market.

Rajesh currently accounts for around a quarter of India's gold jewellery exports and is hoping to increase its presence in Europe and export around 60 per cent of its jewellery to Europe and the US by 2007.

 

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