Shree Ganesh to set up gold refinery plant in WB

Handcrafted gold jewellery exporter Shree Ganesh Jewellery House is planning to set up a gold refinery plant in West Bengal with an annual installed capacity of 1,000 kg of gold.

The Kolkata-based company has filed its draft prospectus with market regulator Sebi last week for raising funds through an initial public offering of 1.42 crore equity shares.

The gold refinery facility, which the company plans to set up, would refine pre-used gold, which would subsequently be utilised as raw material to manufacture jewellery for the company, according to the company's draft red herring prospectus.

Foreign financial service firm Credit Suisse had invested Rs 80 crore in the company for buying 10.99 per cent equity in March last year, valuing the company at about Rs 800 crore.

Currently, the company procures refined gold from suppliers like Al-Marhaba Trading FZC, the Bank of Nova Scotia, the Standard Chartered Bank, apart from the State Trading Corporation of India.