State-run Minerals and Metals Trading Corp. (MMTC), India’s leading bullion importer, has a few jewellery and mining projects up its sleeve. Recently, it formed an alliance with Switzerland-based precious metals refiner Produits Artistiques Métaux Précieux (PAMP) to set up a gold refinery in Sohna, Haryana, reports The Hindu Business Line.

The refinery project is being set up with an initial gold refining capacity of 360 tonnes and gold medallion manufacturing capacity of 16 tonnes. Initial investment has been marked at $50 million. The refinery is expected to be operational towards the end of the year. Clearances from the Union Cabinet are awaited. In its other jewellery related projects, MMTC is keen on foraying into the jewellery retail business through a joint venture with a private partner and financial institutions.