RMIL to double gold coins sales to 2000 kg by March

Anil Ambani group firm Reliance Money Infrastructure Ltd (RMIL) today said it has sold 1,000 kg gold coins till November and aims to double sales by March end.

"The one tonne gold coins sales landmark, valued at over Rs 200 crore, in less than nine months is a testimony to the trust and confidence our customers have bestowed in us and our offerings," RMIL Director Vikrant Gugnani said.

The company, which is bullish on its growth prospects, plans to double the gold coin sales from the current 1,000 kg by the end of the current financial year.

"We are bullish on the demand of gold coins in months ahead and aim to cross 2,000 kg gold coins sales mark by March 31, 2011. We see gifting market growing in high double-digits and hope to be a dominant player in this segment," Gugnani said.

With the yellow metal gaining popularity as a preferred asset class among investors, the company has sold over 500 kg of gold coins during the festive season between October and November.

At present, the company's sells gold coins in the range of 0.5 gram, 1 gram, 5 grams, 8 and 20 grams denominations that are sold through 700 post offices as part of its tie-up with India Post - across the country.

RMIL plans to further strengthen its gold portfolio and distribution reach and is expecting increase in demand from retail and corporate customers.

To match up with the rising demand, the company aims at extending its distribution reach to 1,000 India Post offices next year, from the present over 700 post offices. "We aim to be the largest gold coin retailer in a span of two years," Gugnani said.

Besides India Post, the entire range of pure gold coins would also be available across Reliance Money, Reliance World and the company's partner outlets across the country.