The financial services and distribution arm of Anil Dhirubhai Ambani Group has entered into an agreement with Kerala-based ‘Muthoot Group’ for retailing pure gold coins as part of its efforts to tap the growing Gifts, Greetings and Stationery Products (GGSP) market in south India.
“Under the tie-up, Reliance Money would retail branded gold coins through more than 525 ‘Muthoot Group’ outlets in Kerala and Tamil Nadu,” said Sudip Bandyopadhyay, director and CEO, Reliance.
The gold coins would be available in half and one gram, five and eight grams denominations, which would be of 24 carat with 999.9 purity, he said.
He said the Company imports gold from Valcambi in Switzerland and it comes in a tamper-proof sealed cover with ‘Swiss Assyar’s Certificate’ for retailing in India.
”The Company will fix the price of gold according to the day’s gold market situation and was planning to introduce buy-back policy shortly,” Bandyopadhyay said.
Muthoot Group MD George Alexander Muthoot said ”the alliance will help ‘Reliance Money’ leverage our distribution network optimally, while offering us an opportunity to enhance our portfolio of product offerings.”