Australian, Swiss companies seen keen on buying Edelweiss' gold refinery
MUMBAI: An Australian gold refiner and a Swiss firm are learnt to be keen on buying Edelweiss' gold refinery in Ahmedabad for around `. 100 crore, two persons aware of the development told ET.
"There is interest being shown primarily by an Australian gold refiner and other parties including a Swiss refiner," said one of them without naming the interested parties.
"The refinery is expected to be worth Rs 100 crore." Attempts to immediately contact an Edelweiss spokesperson were unsuccessful. Australia's leading precious metals refinery is ABC Refinery, while the Swiss name doing rounds among bullion refiners was Argor Heraeus.
However, ET could not confirm whether the two companies were bidding for the gold refinery at the time of going to press. Edelweiss' refinery has a capacity to refine around 100 tonnes of gold and 200 tonnes of silver a year.
The sale of the refinery is in line with the company's objective to exit the physical commodity trading business, said the other person. Rashesh Shah, chairman, Edelweiss group, had earlier told ET that the company was keen on focusing on NBFC business, including on agri financing.
Last year, Edelweiss Financial Services sold its step-down subsidiary Edel Commodities Trading Ltd To Inditrade Captal for a minimum Rs 13 crore in cash and shares equal to 9% of the paid-up capital of Inditrade Business Consultants.
"There is interest being shown primarily by an Australian gold refiner and other parties including a Swiss refiner," said one of them without naming the interested parties.
"The refinery is expected to be worth Rs 100 crore." Attempts to immediately contact an Edelweiss spokesperson were unsuccessful. Australia's leading precious metals refinery is ABC Refinery, while the Swiss name doing rounds among bullion refiners was Argor Heraeus.
However, ET could not confirm whether the two companies were bidding for the gold refinery at the time of going to press. Edelweiss' refinery has a capacity to refine around 100 tonnes of gold and 200 tonnes of silver a year.
The sale of the refinery is in line with the company's objective to exit the physical commodity trading business, said the other person. Rashesh Shah, chairman, Edelweiss group, had earlier told ET that the company was keen on focusing on NBFC business, including on agri financing.
Last year, Edelweiss Financial Services sold its step-down subsidiary Edel Commodities Trading Ltd To Inditrade Captal for a minimum Rs 13 crore in cash and shares equal to 9% of the paid-up capital of Inditrade Business Consultants.
