Reliance Money to retail gold coins in partnership with Muthoot Group in KeralaDecember 4th, 2007 - 6:52 pm ICT by admin
Kochi, Dec.4 (ANI): Reliance Money, the financial services and distribution arm of Reliance Anil Dhirubhai Ambani Group, today announced a distribution tie-up with the Muthoot Group, one of South India’s leading non-banking finance groups, for retailing its pure gold coins. Under the tie-up, Reliance Money will retail its branded gold coins in 501 plus outlets of the Muthoot Group in Kerala and Tamil Nadu. The gold coins will be available in 1/2 gram, 1 gram, 5 gram and 8 gram denominations across all these Muthoot outlets.
The announcement was made by Sudip Bandyopadhyay, Director and CEO of Reliance Money and George Alexander Muthoot, Managing Director, Muthoot Group at a press conference in Kochi.
Sudip Bandyopadhyay, Director and CEO, Reliance Money, said, “South India is traditionally the largest user of gold in the country and contributes over 38% of the gold consumption in India. We see a huge opportunity for branded gold coins in this market, especially considering gold usage and gold gifting is a prevalent practice in this region.”
Reliance Money is the only company in India to offer pure gold coins in lower denominations of 1/2 gram and 1 gram. The company imports 24 carat pure gold coins (999.9 purity) from Valcambi SA (the largest gold refining company) of Switzerland in a tamper-proof sealed cover with Swiss Assyar’s Certificate for retailing in India.
George Alexander Muthoot, Managing Director, Muthoot Group, said, “This alliance will help Reliance Money leverage our distribution network optimally, while offer us an opportunity to enhance our portfolio of product offerings.”
With this partnership, Muthoot Group will become an exclusive retailer for Reliance Money Gold coins in the region. The group will also help the company in customer acquisition by providing Reliance Money’s range of innovative financial products to its customers.
“This initiative is primarily targeted at increasing the penetration of demat accounts in the country - something which has remained stagnant at around 6 million for last few years,” added Bandyopadhyay
Reliance Money, present in over 3000 cities in India with over 4000 outlets, would also be focusing on semi-urban and rural areas with this initiative.
The Muthoot Group is today one of the largest business groups in South India with interests in varied sectors including Finance, Healthcare, Education, Hospitality, Real Estate, Agriculture, Automobile, Manufacturing etc. (ANI)
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