RE:RE:RE:Rajesh to invest $700 million in Australian GOLD MINESIndian company Rajesh Exports Ltd has announced plans to make major investments in Australian gold assets by investing up to $700 million in purchasing Australian gold mines and opening gold retail stores in the country, according to media reports.
According to Rajesh Mehta, owner of Rajesh Exports Ltd, the company intends to make physical presence in Australia by setting up subsidiary unit in Melbourne. It will acquire stake in country’s gold mines in order to ensure reliable and uninterrupted gold supply chains to cater to its needs.
In addition, the company will also start gold retail outlets to serve Australian customers. The gold sourced from the Australian mines will be sent to India, where it will be processed into jewellery, which will be brought back to Australia and sold through retail jewellery stores. The company has not named the Australian mines or companies that it is planning to acquire. However, several investment bankers have been already approached by the company to evaluate the best deal in order to fructify long term business relationships with Australia.
Rajesh Exports Ltd manufactures gold & diamond jewellery. The company consumes nearly 140 tonnes of gold per year and exports its products worldwide as well as distributes them within India on wholesale basis. Its products are also retailed through own network of retail jewellery showrooms under the brand 'Shubh Jewellers' spread across India.