Reliance ties up with Muthoot for gold retailing
Kochi,
Dec
4:
To
tap
the
growing
Gifts,
Greetings
and
Stationery
Products
(GGSP)
market
in
south
India,
'Reliance
Money',
the
financial
services
and
distribution
arm
of
Reliance
Anil
Dhirubhai
Ambani
Group,
today
announced
a
distribution
tie-up
with
Kerala-based
'Muthoot
Group'
for
the
retailing
of
pure
gold
coins.
Under the tie-up, 'Reliance Money' would retail branded gold coins through more than 525 'Muthoot Group' outlets in Kerala and Tamil Nadu, according to Reliance Company Director and CEO Sudip Bandyopadhyay said here today.
The gold coins would be available in half and one gram, five and eight grams denominations, which would be of 24 carat with 999.9 purity, he said.
He said the Company imports gold from Valcambi in Switzerland and it comes in a tamper-proof sealed cover with 'Swiss Assyar's Certificate' for retailing in India.
''The Company will fix the price of gold according to the day's gold market situation and was planning to introduce buy-back policy shortly,'' Mr Bandyopadhyay said.
Muthoot
Group
MD
George
Alexander
Muthoot
said
''the
alliance
will
help
'Reliance
Money'
leverage
our
distribution
network
optimally,
while
offering
us
an
opportunity
to
enhance
our
portfolio
of
product
offerings.''
UNI