Financial Daily from THE HINDU group of publications
Thursday, Mar 06, 2003
Financial Daily from THE HINDU group of publications Thursday, Mar 06, 2003 |
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Corporate
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Alliances & Joint Ventures Parekh Platinum signs pact with Emirates group co Vimala Vasan
ABU DHABI, March 5 PAREKH Platinum International, which is setting up a new $120-million base at the Dubai Metals and Commodities Centre (DMCC), has signed a memorandum of understanding with Transguard, of the Emirates group, to provide security services that will enable Parekh Platinum to service international markets from Dubai. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Emirates group, said after signing the memorandum on behalf of Transguard: "Parekh Platinum is one of the leading industrial ventures moving into the DMCC. The availability of Transguard's secure handling facilities and insurance services has been one of the important factors leading Parekh Platinum to decide on Dubai as the location for its new manufacturing base." Sheikh Ahmed added: "Transguard's role has become more critical within the region with the establishment of the DMCC," according to a statement from Emirates. Parekh Platinum has two divisions — the semi finished and finished jewellery division and the industrial products division. Both will depend on Transguard's secure and reliable logistics support to service overseas markets. The jewellery division has the capacity to produce 50 tonnes of pure gold product annually. The industrial products division will deliver a diverse product range, including unsupported and supported catalysts, chemicals as well as engineering products, including platinum lab-ware, thermocouple wires, electrodes and targets, platinum/rhodium, silver, palladium gauzes and other articles manufactured from precious metals. Output capacity will exceed 1,800 tonnes annually. Parekh Platinum expects that in the first full year of production, industrial products valued at about $200 million and semi as well as finished gold jewellery valued at about $350 million will be manufactured and sold. By the third year, net sales of the company will reach $850 million. Mr Rajesh Parekh, Chairman and Managing Director of the parent company PPL in India and Managing Director of Parekh Platinum International, said: "We have already established a marketing subsidiary in Sharjah and a branch office in the Dubai Airport Free Zone, in order to strengthen our strategic position in the gold jewellery business. Transguard is servicing these offices and we have been impressed by their professionalism and facilities." Transguard handles all valuable cargo for export and import through Dubai International Airport and provides secure transportation in modern armoured vehicles for valuables. It also provides international insurance tailored to individual needs and has an array of services ranging from airport-to-airport to door-to-door.
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