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Friday, 1st February 2008 (6126 views)

India's state-owned trading company, MMTC, has unveiled plans to establish a gold medallion manufacturing unit and a gold refinery as part of a joint venture with an international partner.

The company, which was established in 1963 by the Indian government as an import and export agency, will support the marketing of the medallions by setting up a number of retail stores throughout India.

Jewellery from other sources will also be sold in the stores, which would be opened in partnership with a domestic company, MMTC said.

MMTC is the largest importer of gold and silver in the Indian subcontinent, handling 100 million tonnes of gold and 500 million tonnes of silver each year. It also markets jewellery through retail stores in large cities like Mumbai and Chennai, as well as in international airport.

The company is India's largest international trading firm, with an annual turnover of $5 billion (£2.54 billion).

 

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