Rajesh Exports buys world's top gold refiner Valcambi for $400 mn
27 Jul 2015
Integrated gold jewellery manufacturer Rajesh Exports Ltd has acquired Swiss gold refinery Valcambi, the world's largest gold refining company, in an all-cash deal worth $400 million (Rs2,540 crore).
The Bangalore-based company said it was selected after a global search by Valcambi's existing owners led by Newmont Mining Corp.
The deal will help Rajesh Exports, the world's largest gold jewellery maker, secure raw material supplies and add to earnings per share, the company said.
Rajesh Exports manufactures gold and diamond jewellery and exports its products worldwide and distributes them within India to the wholesale jewellery market. The company also retails its products through its own network of retail jewellery showrooms Shubh Jewellers spread across the country.
The company has operations in mining, refining and jewellery retail. It is also the largest exporter of gold jewellery in the country.
Based in Bangalore, the company has 82 retail outlets under the Shubh Jewellers brand.
India is the world's biggest consumer of gold, with annual demand hovering around 900 tonnes per year.
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