Religare
Launches ‘Swarna Mudra’ – gold coins & bars
Marks
its entry into gold coin & bars distribution; creates new market segment by
launching 10 grams bars.
New Delhi; June 28, 2010: Religare Enterprises Limited (REL),
a global financial services group, today announced a new product, ‘Swarna
Mudra’, offering gold coins & bars to its large customer base to be
distributed through its wholly owned subsidiary, Religare Bullion Limited under
the group’s extensive distribution network. The gold coin is manufactured and
certified according to international standards by MMTC for 999 Quality
Guarantee and will be available in denominations of 2, 5, 8 and 10 grams. By
keeping pricing flexible, Religare is looking to bridge the gap offered by
traditional market players and banks. This move marks Religare’s foray into the
Standardized Branded Gold Coin market as an investment gateway.
Religare has kept lower denominations
of coins to specifically target masses in urban and rural areas. It makes
strategic sense to launch gold coins as investment tool for diversification of
portfolio and to cater to the ever growing need of buying gold. According to
World Gold Council, the demand for gold coins has increased by 154% over last
year because of low product risk and better storage value than jewellery. This
move is also important from the socio-economic perspective, keeping in mind the
fact that India consumes about 23% of the total world gold and Indians share an
emotional bond with gold nearly bordering on spirituality, festive occasions
& auspicious days like Akshaya Trithiya, Dussehra, Dhanteras and
Diwali are days when customers throng gold selling outlets to have a piece
of this precious metal.
Gold as an asset class has tripled in
value in last few years. Apart from being one of the most precious metals, it
has always been a highly sought after commodity as it not only acts as a secure
investment, but is an efficient store of value offering high security &
credibility. An instrument of a long-term investment, Gold acts as a hedge
against inflation besides providing high liquidity to individuals.
Speaking on its new offering, Mr.
Gagan Randev, CEO, Religare Securities Limited, a subsidiary of REL, “Not
only has gold been an important element in Indian tradition but today, it has
become an important asset class. Seeing the growing popularity and demand for gold by
consumers across all strata of society, Religare’s “swarn mudra”, is a gold
coin initiative, a pure gold coin, in low denominations, made available to its
ever increasing customer base to provide a highly liquid and low risk product.
We have created a new market segment by launching a 10 grams gold in bar format
after an extensive market research indicating that in weights above 10 grams,
Indians are more inclined to bars than to coins. As a diversified financial
services player, the addition of standardized gold coins & bars to our
product portfolio will not only allow us to optimize our pre-existing client
relationships but will also help in targeting a wider audience.”
About
Religare Enterprises Limited (Religare) – www.religare.in <http://www.religare.in>
Religare is a global
financial services group with a presence across Asia, Africa, Middle East,
Europe and the Americas. In India, Religare’s largest market, the group offers
a wide array of products and services ranging from insurance, asset management,
broking and lending solutions to investment banking and wealth management. The
group has also pioneered the concept of investments in alternative asset
classes such as arts and films. With over 10,000 employees across multiple
geographies, Religare serves over a million clients, including corporates and
institutions, high net worth families and individuals, and retail investors.
For more details please
visit www.religare.in
For Further Information,
Please Contact:
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Samir Kapur Religare Enterprises Limited Contact number: T: +91 11 39126174 M: +91 95828005150 |
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Ryan Alan Marshall Senior Manager - Corporate Communications Religare Enterprises Limited Contact number: T: +91 11 39126160 M: +91 9560392631 |
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