MMTC, Swiss-based PAMP form JV, to invest Rs 150 cr

New Delhi, May 2 (UNI) State-run commodities trading house MMTC Ltd today said it has formed a joint venture with Swiss company PAMP (Produits Artistiques de Metaux Precieux) to set up a gold, silver medallion manufacturing unit, including a gold refinery with an investment of over Rs 150 crore.

''We have a formed a joint venture with the world's leading private gold refining and manufacturing company PAMP to set up manufacturing cum refinery unit,'' MMTC Director (Marketing) A R Goyal told reporters here.

The country's leading importer of gold MMTC will have 74 per cent stake in the newly formed JV named MMTC PAMP India Pvt Ltd, while the rest will be ownded by PAMP.

The company expects to generate Rs 1,600 crore revenue from the joint venture from the third year of its operation, he said.

The manufacturing capacity of the unit will be about two million units and the products will be supplied to the domestic market as well as international market including South East Asia and the neighbouring countries, Mr Goyal said.

UNI SR MP DB1258