MMTC to raise investment in JV with Swiss firm
New Delhi: State-owned trading giant MMTC on Wednesday said it would invest about Rs 1.84 crore in its joint venture with Swiss firm PAMP for setting up a plant for minting and refining of gold and silver.
MMTC holds 26 percent in the JV, while PAMP holds the majority stake.
PAMP (Produits Artistiques de Metaux Precieux), based out of Switzerland, is mainly into refining of precious metals.
In a regulatory filing, MMTC said it would increase its equity investment limit from Rs 15.60 crore to Rs 17.44 crore in the joint venture.
The additional equity infusion would be funded by MMTC through internal accruals/reserves for subscribing/acquiring additional equity shares of MMTC-PAMP India.
The additional amount of about Rs 1.84 crore would be utilised for "setting up a project for mining and refining of gold and silver".
MMTC had joined hands with PAMP in 2007, for manufacturing gold and silver medallions in India and setting up a precious metals refinery in Mewat district of Haryana.
The project, MMTC-PAMP India Pvt Ltd, has an investment of about Rs 200 crore and annual refining capacity of 100 tonnes of gold and 600 tonnes of silver.
MMTC is into trading of various commodities including gold, iron ore and pulses.