Reliance to foray in gold buy-back market

Kolkata, May 31: Reliance Money, the financial distribution company of the Anil Dhirubhai Ambani Group(ADAG), today said they are planning to foray into the gold buy-back sector.

Speaking on the sidelines of a press conference, Reliance Money CEO Sudip Bandopadhay said, ''We will arrange for gold trading in the organised sector to give a boost to the current state of gold trading.'' About 800 tonne of gold was imported in India of which 80 tonne was gold coin. ''Four per cent of the total imported gold coins goes to the organised sector,'' Mr Bandopadhay said.

A foreign gold company was in talks with the Reliance Money to provide 24 carat gold. ''We are planning for gold trading in such a way that Reliance Gold coins can be accepted in all other organised sector for refund,'' he said.

Citing problems in gold trading, Mr Bandopadhay said the unacceptability of gold coins of one company by another would be resolved as Reliance enters into the market.

The company would extend their operations in different tehsils.

''At present there are 5,645 tehsils in India. ''ADAG is planning to introduce 5,165 tehsils by 2007,'' he said.

To a query as to how the company would handle the portfolio investment in India, Mr Bandopadhay said, ''We will set up an institutional desk separetely to handle foreign investors.''

UNI