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| NMCE joins hands with Muthoot Group for gold delivery |
| Kalpesh Damor / Mumbai/ Ahmedabad Oct 26, 2009, 19:18 IST |
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Ahmedabad-based National Multi Commodity Exchange (NMCE) has tied-up with Muthoot Finance for delivery of various types of gold items including gold guinea, coins and bars. Muthoot Finance is a part of south India-based Muthoot Group, which has interests in finance, healthcare, precious metals, education and real estate. "As part of the alliance, NMCE will use Muthoot Group's multiple centers for gold deliveries," said sources close to the development.
The commodity exchange will soon sign an agreement with the group having wide network of 1,200 delivery centers. NMCE had earlier hinted that it was in talks with a player with a pan-India presence for physical delivery of gold products.
"Though the tie-up with Muthoot Finance is for delivery of all types of gold items, the NMCE intends to focus more on delivery of gold guinea," sources revealed. The exchange is looking at using selective delivery centers of the company depending upon the demand of gold deliveries in various regions.
NMCE has been agressively expanding its horizons to tap new avenues in spot trading of commodities. Enthused by the 142 per cent growth in its turnover by the end of fiscal 2008-09, NMCE has set the taget of achieving 200 per cent growth in current fiscal. In the first quarter of current financial year, the turnover of the exchange jumped by 382 per cent to Rs. 86,074 crore as against Rs. 17,829 crore in the same period previous fiscal.
The commex is also in the process of launching a spot exchange for agri commodities called National APMC, for which it is collaborating with existing Agriculture Produce Marketing Committees (APMCs).
The registration has already been done and the exchange is awaiting government of Gujarat's nod for starting the operations of its spot exchange.
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