State-of-the-art gold refinery in Maharashtra

MUMBAI, MARCH 18. Agee Gold Refiners is setting up the largest plant for refining and manufacture of the ten tola (TT) bar in Shirpur, Maharashtra. The TT bar accounts for the largest share of the Indian demand for gold.

The company boasts the most advanced refinery in the world and will be inaugurated on March 26 by the Union Finance Minister, Mr. Yashwant Sinha.The refinery can turn out gold of guaranteed 99.99 per cent purity. The entire plant and equipment have been imported and the unit has a capacity to produce 217 tonnes of gold and 217 tonnes of silver annually.

The company has been promoted by Mr. Mukesh Patel of Autoriders Group and friends. Speaking to The Hindu, Mr. N. Dwarakanath, managing director, said, ``The finished product will be branded `Zee Gold'. For the use of the brandname `Zee', AGR will pay the Zee group a royalty of 20 per cent of its net profit per annum.''

Further, operations were to have started in December 2000 but were postponed by three months. The rated capacity production will commence from June 2001 onwards.The gold/silver to be refined will be sourced from South Africa, Australia, and South America and the company is in the final stages of reaching an agreement with suppliers. In the domestic market, AGR's customers will include jewellers who recycle their scrap gold/silver, banks and traders. ``In refining gold/silver, the most important aspect is minimising losses. Our equipment will ensure that the losses are at the barest minimum,'' said Mr. Dwarakanath.

According to the company, the first phase of production, valued at around Rs. 10,000 crores, would meet only 25 per cent of the country's annual requirements which are mainly being met by imports.

AGR is to list on the National Stock Exchange and ``the notice has already been issued for listing on the NSE and trading will commence on March 25.''

R.S.

Send this article to Friends by E-Mail

Section  : Business
Previous : Will duty cut halt smuggling in gold?
Next     : FIIs net buyers in equities