Indian jewellery billionaire, Rajesh Mehta, is said to looking for Australian gold assets as several miners are in the process of shedding non-core operations to survive the current squeeze on the industry.
According to Financial Review, the tycoon said his company is ready to spend up to US$700 million on growing its presence Down Under, with mines being the primary focus.
Bangalore-based Rajesh Exports, India’s biggest jewellery maker, is already setting up a subsidiary in Melbourne, which will drive the hunt for stakes in the local gold sector, Mehta said.
Earlier this year, the company announced it would create a new division for offering gold loans. If it goes ahead Rajesh Exports would become the first large jewellery firm to provide bullion-backed loans in India.
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