In what can be seen as a shot in the arm for Government’s monetization scheme, Muthoot Exim, the precious metals division of Kerala-based Muthoot Pappachan Group, has decided to enter gold recycling business. 

It may be recalled that the company has already set up its first recycling facility, Muthoot Gold Point Centre, in Coimbatore and has five centers at present.  The group aims to increase the number to 17 from present five.  At present, the company buys old and used gold items directly from customers through its centers, reprocesses, refines and supplies refined bars for domestic consumption with the objective of the reducing dependence on gold imports.