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India's Rajesh Exports acquires Swiss gold refiner Valcambi

Section: Daily Dispatches

By Swansy Afonso
Bloomberg News
Monday, July 27, 2015

Rajesh Exports Ltd., India's biggest maker and exporter of gold jewelry, said it bought Swiss gold refiner Valcambi SA for $400 million.

The cash purchase of Valcambi from Newmont Mining Corp. helps ensure gold supplies to India, the world's largest consumer of the metal after China, Bangalore-based Rajesh Exports said in an exchange filing on Monday. Its shares rallied to close at the highest level since at least July 2000.

"On a theoretical basis Valcambi is capable of supplying the entire gold requirement of India," said Chairman Rajesh Mehta. Credit Suisse Group AG has agreed to fund 30 percent to 35 percent of the acquisition through long-term debt, which Rajesh Exports plans to repay through Valcambi's future earnings, Mehta said at a news conference in Mumbai. ...

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