NEW DELHI, May 12: Jewellery exporter and retailer Rajesh Exports (REL) today said its Board will meet next month to consider an acquisition in the Middle East to expand its global footprint.
The Board of Directors will meet on June 13, 2016 to mull an acquisition in the Middle East, Rajesh Exports said in a BSE filing.
“The acquisition has been proposed to further expand the global footprint of the company in the same line of business after the successful acquisition of Valcambi, Switzerland-based world’s largest gold refinery,” it added.
However, Rajesh Exports did not name the target company.
In July 2015, Rajesh Exports fully acquired Valcambi for USD 400 million (approx Rs 2,560 crore) in an all cash deal.
Valcambi was owned by Newmont mining corporation and a group of Swiss investors.
The company had said that with Valcambi acquisition, REL will become an integrated player covering precious metal refining and gold jewellery making. (PTI)
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