Titan gets nod to import gold directly

In a first instance of the government allowing an actual user from private sector to import gold directly, Tata Group firm Titan Industries has been given nod to bring the yellow metal from overseas market. At present, only authorised agencies and public sector units such as MMTC are allowed to import gold. Titan had approached Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, seeking licence for direct gold import. In its application, the company had said it would help in saving one per cent of their operating cost and also it would get good quality gold. New unit in U.P. on stream Corporate Bureau adds: Titan Industries has informed the Bombay Stock Exchange (BSE) that the company had commenced commercial production in its new integrated state-of-the-art jewellery unit set up in the excise free zone in Pantnagar, Uttarakand, U.P., on March 29. The new unit has been commissioned at an approximate cost of Rs.15 crore for the manufacture of studded jewellery and is estimated to achieve a turnover of Rs.250 crore during 2012-13. This unit will employ about 250 people over the next two years and train them to make world-class studded jewellery. Shares up 8 p.c. Shares of Titan Industries soared by 8 per cent in the morning trade on the BSE on Monday as the Government allowed the company to import gold directly. It shot up to Rs.247 on the BSE. Later, however, it pared some of the gains and closed at Rs.242.70, up 6.18 per cent. Keywords: Titan Industries, gold import