MMTC Ltd, the country''s largest gold importer, is planning to set up a special
economic zone (SEZ) for gems and jewellery in the joint sector with a private
player in the tax-free zone.
company, a public sector unit under the commerce ministry, is currently on the
look out for a partner and will soon initiate feasibility studies. The company
will soon be hiring a consultant to assess the economic and technical viability
of the project.
location for the park is being finalised and it could come up at one of the sites
in Orissa, West Bengal , Karnataka, Haryana or Delhi," reports quoting MMTC
company would require at least 10 hectares of land for its gems and jewellery
SEZ, as per the commerce ministry guidelines.
handles over 100 tonnes of gold and 500 tonnes of silver. Its precious metals
business contributes significantly to its over $5 billion turnover. It also imports
platinum, rough diamonds and coloured stones.
company is also planning to float another joint venture for its retail business.
Its retail activities include franchise outlets, its own showrooms, selling medallions,
jewellery and silver under Sanchi brand name.
is widely recognised as India''s largest international trading company and the
first public sector undertaking to be awarded Golden Superstar (now known as Five
Star) Trading House status in the country. It is actively involved in exploring
overseas markets for exports and sourcing material for domestic needs. With focus
on ''bulk'' operations, MMTC primarily has seven core commodity groups viz. minerals,
precious metals, coal & hydrocarbons, fertilisers, agro commodities, metals
and general trading.
import has increased from Rs11,033 crore during 2004-05 to
Rs11,786 crore in 2005-06, registering a growth of over 6 per cent. Domestic sales
increased from 1,060 crore during 2004-05 crore to Rs1,651 crore in 2005-06, registering
a growth of 55 per cent.