Jewellery firm Rajesh Exports on Monday fully acquired Switzerland-headquartered gold refinery Valcambi for $400 million (about Rs 2,560 crore) in an all-cash deal, and said it is looking at venturing into gold mining in the next 2-3 years.
"Acquiring Valcambi gold refinery is our first step towards venturing into mining. We are hoping to venture into gold mining in the next 2-3 years time," Rajesh Exports Managing Director Prashant Mehta told reporters here.
The company is also planning to expand its refinery at Rudrapur, Uttarakhand with technology from Valcambi, he said. "In 1-2 years, we are planning to expand our refinery in Uttarakhand with world-class technology from Valcambi. This will be under the 'Make in India' initiative that help us in providing international raw material in the domestic market." Valcambi was owned by Newmont Mining Corporation and a group of Swiss investors.
Rajesh Exports Chairman Rajesh Mehta said: "With this acquisition, we will be acquiring a larger market share besides helping in our global gold business expansion. We will seamlessly integrate Valcambi into the REL group and continue with the professional and globally acclaimed management of Valcambi."
IndusInd Bank finishes buy of RBS <g data-gr-id="41">bullion</g> financing biz
Hinduja Group-promoted IndusInd Bank on Monday said it has completed <g data-gr-id="36">acquisition</g> of Royal Bank of Scotland’s diamond and jewellery financing business in the country. “IndusInd Bank has completed the acquisition with the entire business portfolio migrating to the bank. The acquired loan book is <g data-gr-id="35">approximately</g> Rs 41 billion (Rs 4,100 crore,” IndusInd Bank said in a Bombay Stock Exchange filing.