Gitanjali Group signs MOU with MMTC

India’s famous Gitanjali Gems Ltd., has signed a MOU with MMTC (Mineral and Metal trading Corporation of India).The Memorandum Of Understanding (MOU) will be a synergy where both companies can bring, highest level of commitments, business knowledge and industry expertise to aggressively garner growth. The MOU was signed with the intention of furthering it to a joint venture.

Investments by Gitanjali Gems in the joint venture for the first phase are Rs. 60 crore. The primary objective of the proposed joint venture Company would be to carry on the business of establishing, acquiring, developing, managing and maintaining jewellery showrooms in India and carrying out such other activities as may be incidental or ancillary thereto in furtherance of the Business of the Company.

MMTC is the largest single exporter of minerals from India, and is one of the country’s premier bullion traders, handling more than 100 metric tons of gold and 500 metric tons of silver annually.

Speaking on the Gitanjali Group’s association with MMTC, Mr. Mehul Choksi Chairman Gitanjali Group said, ” We are very proud to be associated with MMTC. The MOU will be a step towards the Gitanjali Groups endeavour to expand their retail footprint and market share. We hope this association with MMTC is mutually profitable, and strengthens the Gitanjali Group’s foothold in India.”

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