Reliance Money plans big gold coin biz

Anil Ambani's Reliance Money group is chalking out plans to expand their gold coin business.

As part of this, Anil Dhirubhai Ambani Group company is importing 24 carat gold coins from the Swiss-based refiner Valcambi, through Scotia Mocatta, a division of The Bank of Nova Scotia.

According to Reliance Money officials, the company offers 5 gm and 8 gm coins now but plans are in the offing to launch 0.5 gm, 1 gm and 2 gm coins, said

It has already sold 100 kg of gold coins from April 2007

when it began operations. Reliance Money seeks to promote gold coins as a gift item as well as for savings.

With its tie-up with home shopping network floated by media group Television Eighteen India (TV 18), purchase of gold coins will just be a phone call away.

The company is confident to offer buyback of the gold coins by this year-end.