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Muthoot Group collects 200 kg gold for recycling

Press Trust of India  |  Mumbai 

Muthoot Exim, the precious metals division of the Muthoot Pappachan Group, today said it has collected 200 kg gold from across the country through its nine Gold Point showrooms during past 18 months and plans to open four more outlets this year.

The next Gold Point will come up in Ludhiana in Punjab, the company said.

"We have so far collected 200 kg of gold from the public through our nine Gold Points in nine cities during the past one and a half years," Muthoot Precious Metals Division's Chief Executive Keyur Shah said here.

"We have plans to open four more Gold Points in future and the next one will come in Ludhiana," he added.

The existing Gold Points are in Coimbatore, Chennai, Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, Vijayawada and Madurai, Shah said.

He was speaking on the sidelines of launching the country's first mobile gold buying vehicle 'Mobile Muthoot Gold Point' here today.

The unit allows people to sell gold at their doorstep and convenience. The on-call vehicle features hi-tech equipment and safety measures with multi-level scientific testing of the precious metal.

"This is a strategic initiative from our end which is in sync with the government's initiative to reduce dependence on gold imports and help consumers recycle their old/ unused locker gold," Shah said.

The valuation of the old gold/ornaments will be done in the state-of-the-art mobile van which features XRF technology as well as melting of the gold (if required and agreed upon by the customers) to provide accurate valuation of the yellow metal.

Customers can get instant cash (for value up to Rs 20,000) or credit via IMPS, NEFT, RTGS (for value above Rs 20,000). Online payment will directly be credited to the customers' account, he said.

"The move will also be in sync with the government's vision to recycle as much gold as possible and our mobile van service will help facilitate it better," Muthoot Pappachan Group Director Thomas George Muthoot said.

Muthoot Exim has tied up with Sequel Logistics, a secured solutions provider with the largest network in country, for security of the 'Mobile Muthoot Gold Point' vehicle.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 13 2016. 20:58 IST