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MMTC plans joint sector jewellery SEZ news
Our Corporate Bureau
15 June 2007

Mumbai: 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.

The 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.

"The 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 sources said.

The company would require at least 10 hectares of land for its gems and jewellery SEZ, as per the commerce ministry guidelines.

MMTC 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.

The 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.

MMTC 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.

The 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.

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MMTC plans joint sector jewellery SEZ