Indian gold jewellery major Rajesh Exports Limited (REL) on 27 July 2015 announced the acquisition of Switzerland-headquartered world’s largest gold refining company Valcambi.
It acquired European Gold Refineries, the 100 per cent holding company of Valcambi through its fully-owned subsidiary in Singapore in all cash deal of 400 million US dollars (around 2560 crore rupees).
The acquisition would help RIL expand the global gold business and will add significantly to the revenues and profitability of REL group during the coming years.
The acquisition is also of national importance for India, as India is the largest consumer of gold in the world.
About Rajesh Exports Limited (REL)
REL claims to be the largest manufacturer of gold jewellery and gold products. It has the world’s largest jewellery manufacturing facility at Bengaluru with a capacity to make 250 tonnes of gold jewellery and gold products per annum.
REL also has a gold refinery in Uttarakhand with a capacity to refine 200 tonnes of gold per annum.
Rajesh Mehta is the Chairman of REL.
Valcambi headquartered in Switzerland was founded by Emilion Camponovo and it has a refining capacity of 1600 tonnes of gold or altogether 2000 tonnes of precious metal per annum.
It was fully owned by Credit Suisse, which divested it in December 2003 to the U.S.-based Newmont, the world’s second largest mining company.
Michael Mesaric is the current Chief Executive Officer (CEO) of Valcambi.
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When: 27 July 2015