Friday, 2nd May 2008 (317 views)

India's state-owned import agency the Minerals and Metals Trading Corporation (MMTC) has reached an agreement with Swiss company Produits Artistiques Metaux Precieux (PAMP) to support the development of a refinery for the production of gold coins and medallions, according to reports.

News service thaindian.com said the deal was confirmed by MMTC's chairman and managing director Sanjix Batra.

Under the agreement, a new refinery will be built on a 22-acre site in Sohna near New Dehli in northern India. MMTC will hold a 26 per cent stake in the venture, while PAMP will retain 72 per cent. The remaining equity will be spread among employees, the site said.

It added that Mr Batra told IANS that construction on the plant is expected to start in three months' time, with the first production slated for September 2009 in time for the Diwali religious festival.

Some 1.5 billion rupees (£18.54 million) will be invested in the first phase of development, he added.

Established in 1963, MMTC is now India's largest international trading firm with an annual turnover of $5 billion.

 

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