India’s state-run Minerals and Metals Trading Corporation (MMTC) Limited has formed joint ventures with Gitanjali Group and Switzerland-based PAMP to set up jewellery retail chain and refinery, respectively. This will involve collective investment of around Rs 135 crore.
“MMTC will set up a retail chain with Gitanjali Group across the country to sell jewellery, and the first shop is expected to be up and running in next six months. The project with PAMP refinery will take another one-and-a-half year,” AR Goyal, marketing director, MMTC, said.
Goyal informed that MMTC will have a 26 per cent equity stake in the Rs 120-crore refinery project with PAMP to be set up in Haryana.
In the first phase, the joint venture will manufacture gold and silver jewellery for the Indian market and also medallions for exporting purpose.
“PAMP, which manufactures more than half of the world’s medallions, will bring its technology and know-how, while MMTC will be responsible for the sales and marketing,” Goyal elaborated.
MMTC initially aims to set up 15 shops in metros and tier II cities to sell its own products, besides the new brand to be developed with Gitanjali Group.
MMTC reported a turnover of Rs 6,079 crore during April-June 2007 quarter, which is 11 per cent higher than the performance during the corresponding quarter last year.