Muthoot Gold Point Centre opens in Mumbai (Gujarati)

Muthoot Pappachan Group expands footprints in gold recycling
•             Muthoot Gold Point Centre opens in Mumbai
•             Plans another 3 more centres in this fiscal

Mumbai, September 22, 2015: Muthoot Exim Pvt. Ltd., precious metals division of the 128 years old Muthoot Pappachan Group (MPG), which was the first to launch gold recycling in the organised sector, plans to set up 7 Muthoot Gold Point centres by the end of this fiscal.

Muthoot Exim today extended its footprint in the Western India by opening Muthoot Gold Point in Mumbai. This is the fourth centre in the country, after Coimbatore, Chennai and Delhi.

Muthoot Exim is the first organised player to foray into gold recycling that would directly cut down the import of gold and control the account deficit, which the Government also in the recent times is aggressively pursuing through gold monetization schemes.

The company through its centres will buy old and used gold items directly from the customers and reprocess, refine and supply refined bars for domestic consumption, with an objective of reducing dependence on gold imports.

"Our idea is to launch three more such centres by March 2016. The next phase will include Telengana, Andhra Pradesh and Gujarat this year," said Mr. Thomas Muthoot, Executive Director of Muthoot Pappachan Group.

"It gives us immense pleasure to announce the launch of Muthoot Gold Point centre at Borivili in Mumbai. Muthoot Gold Point has a strategic significant importance, as it aligns with Government's objectives and supreme priority of keeping Current Account Deficit (CAD) under control, by garnering and channelizing domestic unused gold to productive use," said Mr. Keyur Shah, CEO, Muthoot Precious Metals Division.

According to estimates, gold recycling has not been tapped to its fullest in India and it mostly happens in the unorganized sector.

Elaborating on this new business, Mr Keyur Shah added, "We have tied up with Mumbai based Infinium Precious Resources Ltd for attaining technical training and also for refining the scrap gold''.

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