The cash deal was settled on an investment of US $400 million, hence REL will maintain the globally acclaimed management of Valcambi.
REL is hopeful to expand revenues and profitability of both the companies
Rajesh Exports Ltd (REL) has announced acquisition of 100% stake in Valcambi, the world's largest gold refinery. The cash deal was settled on an investment of $400 million, which means, REL will maintain the globally acclaimed management of Valcambi.
REL hopes to expand revenues and profitability of both the companies.
Valcambi is the world’s largest precious metals refining company, headquartered in Switzerland.
Valcambi has processed and sold 945 tonnes of gold and 325 tonnes of silver on an average annually, in the last three financial years, which is more than the annual consumption of gold in India.
Valcambi refinery is accredited by the London Bullion Market Association (LBMA), and Valcambi gold bars are accepted as good delivery bars across all the official commodity exchanges in the world like COMEX (Chicago Commodities Exchange), NYMEX (New York Commodities Exchange), TOCOM (Tokyo Commodities Exchange), Shanghai Gold Commodities Exchange, DMCC (Dubai Multi Commodities Exchange), MCX (Multi Commodities Exchange, India), etc.
Commenting on the acquisition, Emilio Camponovo, the founder and current major share holder of Valcambi said, “More than the price of sale, my aim was to deliver the company to a buyer who would maintain its world class standard and stature. I am confident that under the leadership of Rajesh Exports, Valcambi will keep up its excellence, and would continue to grow and increase its share in the global gold business.”
Rajesh Mehta, chairman of Rajesh Exports quoted the acquisition as a historic moment for REL and for the global gold business.
He said," The coming together of the two companies would expand the global gold business and would prove very productive for future global plans of REL group. We will seamlessly integrate Valcambi into REL group and would continue with the professional and globally acclaimed management of Valcambi."
"The acquisition is also of national importance for India, as India is the largest consumer of gold in the world, it would be a step in the right direction by an Indian company to own a world class asset like Valcambi. On a theoretical basis, Valcambi is capable of supplying the entire gold requirement of India. This acquisition will add significantly to the revenues and profitability of REL group during the coming years.”
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