Tuesday, 4th December 2007 (2026 views)

Some 501 outlets of south Indian financial firm Reliance Money will begin selling gold coins in partnership with Muthoot Group, according to the Hindu Business Line.

This week, the group announced it would be selling gold coins in 0.5-gram, one-gram, five-gram and eight-gram denominations to tap into the "huge opportunity" for branded gold coins in the Indian retail market.

Imported from the world's largest gold refining firm - Valcambi SA in Switzerland – the coins are made of 24-carat gold.

"South India is traditionally the largest user of gold in the country and contributes over 38 per cent of the gold consumption in India," said Sudip Bandyopadhyay, chief executive officer of Reliance Money.

Although it is not a bank, Reliance Money provides a range of financial services in India, including mutual funds and insurance.

It also provides newsletters and research reports on the financial markets, as well as a mobile phone service which delivers stock market quotes and finance news directly to a cellular phone.

 

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