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MMTC to host festival of gold

CHENNAI: MMTC Limited, a premier international trading house, will hold its flagship event ‘festival of gold’ in Chennai from May 7 to 11 at Hotel Accord Metropolitan, T. Nagar, in association with Gitanjali group, Union Bank of India and World Gold Council.

Addressing presspersons here on Wednesday, S. Guruswamy, Chief General Manager (South Zone), said MMTC started holding such exhibitions since 1994 with its first event in Delhi and this was the first time that such exhibition was held in Chennai. Mr. Guruswamy said MMTC was the largest importer of gold in India handling 100 tonnes of gold and 500 tonnes of silver annually. It was operating a full-fledged gold and silver medallion manufacturing unit in Delhi.

MMTC was also planning to start a gold/silver refinery as a joint venture in Haryana by 2009 for catering to the domestic and export markets. Besides the company would be opening retail showrooms jointly with Gitanjali group all over India, Mr. Guruswamy said. He said there was huge demand for gold in India. Out of 800 tonnes consumed in India 700 tonnes were imported and one third of world production was absorbed in India.

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