Muthoot Exim launched a gold recycling centre at Bhowanipur in Kolkata, its fifth in India, recently, as per reports. The centre will be the point where the company would buy old and used gold items from customers, reprocess, refine and supply refined bars for consumption in India, as per reports. This move would help reduce dependency on gold imports for the country. So far since launching this initiative in 2015, the company has been able to recycle 60 kgs of used gold, as per reports.

With more such centres planned, the company is citing to open new centers in Telengana and Gujarat in the current year and altogether launch 16 Muthoot Gold Point centres by end-2017 with the aim to recycle about two tonnes of scrap gold by 2018, as per reports.