By IANS
Kolkata : MMTC Ltd, India’s largest international trading company, will float two joint ventures for a medallion and gold refinery unit and a jewellery retail chain.
The company, a government of India enterprise, is also planning a special economic zone (SEZ) for jewellery products.
“We have decided to form joint ventures for both of these ventures – to set up a medallion unit with a gold refinery and a national jewellery retailing chain,” MMTC chief general manager Asheesh Majumdar told a press conference here Monday.
“We have already invited expressions of interest for both these ventures. We hope the projects would be finalised in the beginning of 2008,” he added.
Majumdar said in both cases, MMTC would hold 26 percent stake while its partner company would hold another 24 percent. Financial institutions would hold the remaining 50 percent.
“For the medallion and gold refinery unit, the investment would be around Rs.1 billion, while Rs.450 million has been earmarked for the retail business,” he said, adding that three international companies had participated in the expression of interest for medallion and gold refinery unit of which two have been short-listed.
MMTC also plans to set up 15 jewellery outlets in tier-I cities in the first year, followed by 30 in the second. It has plans to launch another 50 shops in both tier-I and tier-II cities in the third year.
MMTC is holding talks with West Bengal, Orissa and Karnataka governments to set up a jewellery SEZ. International consultancy firm PricewaterhouseCoopers (PwC) has been appointed to conduct a feasibility study.
“We are looking for about 75 acres of land near the airport in Kolkata to set up the SEZ,” Majumdar said.
MMTC Ltd will for first time hold a festival of gold in the city Oct 11-15.
MMTC will also set up a 1,200 sq. ft. hallmarking unit in Kolkata, to be functional by end Oct.