Muthoot Exim Pvt Ltd, opened its gold recycling centre namely Muthoot Gold Point in Vijayawada, as per reports. The company is the precious metals division of Muthoot Pappachan Group. The centre was inaugurated by Keyur Shah, CEO, Muthoot Precious Metals Division.

The company has already opened six such centres in India and plans to grow the number by another eight to nine by the next fiscal, as per reports. The company intends to collect scrap, old and used gold from the consumers through a chain of retail Muthoot Gold Point outlets and recycle the gold. The company intends to support reducing the dependence on gold imports, by supplying refined bars to the domestic market, as per reports.

Since the launch of the initiative in November 2015, the company has clocked recycling 125 kg of used gold, reports add.