India’s MMTC Launches Gold Coins, Expanding Retail Presence
October 22, 07
Minerals and Metals Trading Corporation (MMTC), a government-run trading body and
The limited-issue medallion, based on the theme ‘Priceless Emotions Captured in Gold’ was unveiled on October 2, Mahatma Gandhi’s birthday.
One side of the medallion is embossed with Gandhi’s face while the other bears the Independence celebrations logo. The medallion comes in a tamper-proof packaging.
MMTC handles imports and exports of minerals and agriculture commodities with 65 countries across the globe. Its precious metals division imports about 100 tons of gold and 500 tons of silver annually, which is supplied to bullion traders and jewelers across India.
The company also runs duty free jewelry stores and has a few retail outlets run by franchisees, mainly for sale of its Sanchi brand silverware.
In fiscal 2006-07, it reported a turnover of Rs. 232.05 billion ($5.819 billion).
Company officials have recently unveiled plans to expand their presence in the gems and jewelry sector with investments of Rs 1.45 billion ($36.36 million) in different projects.
These include a Rs. 1 billion ($25.08 million) medallion and gold refinery project to be set up in tandem with a foreign company, for which three potential partners have been short listed, and a Rs. 450 million ($11.29 million) investment to set up 50 retail jewelry outlets for which it was in the process of selecting a partner. Another project reportedly in the works is the setting up of a jewelry SEZ in