Kochi, Feb 8 (UNI) Muthoot Exim Pvt. Ltd, the precious metals division of the 131-year?old business conglomerate Muthoot Pappachan Group, has launched its 12th and Kerala’s first gold recycling centre – Muthoot Gold Point here on Thursday.
Muthoot Exim Pvt Ltd was the first company to launch gold recycling centre in the organised sector. With its first point centre launched in Coimbatore in 2015, it has gradually expanded to Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Ludhiana, Madurai, Mumbai, Vijayawada and Behrampur. These retail outlet chains by Muthoot Exim Pvt Ltd. are for gold aggregations and recycling, a release said here on Thursday.
Muthoot Gold Points(MGP) buy scrap, old and used gold items directly from the customers and consequently reprocess, refine and supply refined bars for domestic consumption that reduces gold imports. In addition to the 11 Muthoot Gold Point centres, the company has also launched ‘Mobile Muthoot Gold Point’ in Mumbai. This is India’s first mobile van that can collect gold from customer’s doorstep, it said.
In his remarks Muthoot Pappachan group Chairman and MD Thomas John Muthoot said, “Muthoot Pappachan Group is pleased to unveil the first Muthoot Gold Point in Kerala at Kochi and the 12th centre across India. With Kerala having one of the largest consumption of gold per capita, the launch of the Gold Point Centre aims to incentivise people to recycle their old gold and reusing the same. This in turn will curb the import of gold and help the government control its current account deficit.
The company and the Group is synced with the Government’s agenda of using the unused domestic gold and making it productive and useful for consumption. The company in line with the Group’s three key pillar’s of Trust, Transparency and Accountability, aims to revolutionise the retail gold segment, he added.