Rajesh Exports Buys Valcambi Gold Refinery
July 27, 15
(IDEX Online News) – Bangalore-headquartered gold and diamond jewelry manufacturer Rajesh Exports Ltd has bought the Valcambi gold refinery in Switzerland for $400 million.
The cash purchase allows it to secure raw material at lower prices and to increase its technological expertise, reported Reuters.
According to Rajesh Exports’ chairman Rajesh Mehta, the acquisition will increase the Indian company’s capacity from its current 80 tons a year to 200 tons a year.
“Valcambi can fulfil [the] entire gold requirement of India," Mehta told a news conference, adding the deal will help it obtain gold bars at lower prices, reported Reuters.
The Valcambi refinery began operations in 1961 in Balerna, Switzerland and refines approximately 2,000 tons of precious metals a year.