Reliance Capital Blog

Reliance Capital, India's Berkshire Hathaway

Wednesday, October 15, 2008

Post offices to sell gold coins

The Indian Postal Department today announced the sale of 24 carat gold coins from their post offices.

In the pilot phase the coins will be available in over 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat.

The gold coins, which are launched in collaboration with World Gold Council and Reliance Money are in the denomination of half gram, one gram, 5 grams and 8 grams.

The prices of these coins will be competitive based on the prevailing prices of gold.

In the second phase of the project the gold coins will be sold with the India Post logo.

The Minister of State for Communications and IT, Jyotiraditya Scindia, said that this pilot project on the sale of gold coins would be a beginning of many more such retail services that India Post will undertake.

He said that the venture reinforces India Post’s dedicated service to the ordinary Indian.

Union minister for communication and IT, A Raja also directed the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man.

He announced that the sale will gradually extend based on public response.

Tuesday, October 14, 2008

Reliance Money acquires 15 pc in Hong Kong Mercantile Exchange

Anil Ambani-run Reliance Money, today said it has acquired a 15 per cent stake in the Hong Kong Mercantile Exchange (HKMEx), the first In
dian firm to acquire a stake in an international exchange.

With this holding, Reliance Money becomes the second-largest shareholder in the commodity exchange and will have a board membership.

"Even as Asia has emerged as a key market for global commodities, the region does not have a strong commodity exchange. We believe that our deal with HKMEx will help us capitalise on the growing demand for commodities in this region," Reliance Money's Director and CEO, Sudip Bandyopadhyay, said in a press release issued here.

The company has recently received approval from the FMC and Ministry of Consumer Affairs for acquiring a 10 per cent stake in domestic National Multi-Commodity Exchange of India. Reliance Money now plans to up this stake to 26 per cent.