MMTC Limited has announced a key board-level appointment with the induction of Shri Asit Gopal as Government Nominee Director. The appointment, effective January 27, 2026, was made through a resolution by circulation following an official government order.

Appointment Details

The appointment was formalized pursuant to office order 11/36/2001 dated January 19, 2026, issued by the Department of Commerce, Ministry of Commerce & Industry, Government of India. The order was issued in accordance with Article 87(2) of the Articles of Association of MMTC Limited.

Professional Background

Shri Asit Gopal, aged 59 years, brings extensive experience in public administration spanning over three decades. He holds a B.Tech in Civil Engineering from IIT Bombay and has postgraduate qualifications in Wildlife Management, Public Policy & Management, and an MBA.

Currently, he serves as Special Secretary & Financial Advisor in the Ministry of Textiles with additional charge of multiple ministries including:

• Ministry of Food Processing Industries
• Ministry of Development of North Eastern Region
• Ministry of Commerce & Industry
• Ministry of Heavy Industry
• Ministry of MSME

Career Experience

Shri Asit Gopal has held various key leadership positions throughout his career in government service. His experience spans across diverse sectors including finance, tribal affairs, vigilance, education, sanitation, and forest management. Notable positions include:

• Additional Secretary (Finance)
• Director in Ministry of Tribal Affairs
• Director in Central Vigilance Commission
• Mission Director of Swachh Bharat Mission

Regulatory Compliance

As part of the appointment process, Shri Asit Gopal has confirmed that he is not debarred from holding the office of Director by virtue of any order passed by the Securities and Exchange Board of India or any other authority. The company has also disclosed that the new director is not related to any existing directors of MMTC Limited.

The appointment strengthens MMTC Limited's board composition with the addition of an experienced government official who brings deep expertise in public administration and financial management across multiple sectors.

Precious metals refiner MMTC -PAMP is set to launch a silver recycling pilot program within three months at its existing stores as rising demand threatens to create serious supply-side constraints. Managing Director and CEO Samit Guha announced the initiative, citing favorable economics and the need to address potential supply gaps in the silver market.

Strategic Move Into Silver Recycling

The company's entry into silver recycling comes as global mine production capacity shows no signs of significant expansion despite growing demand. Guha emphasized the critical role recycled silver must play in filling supply gaps, particularly given the substantial silver holdings in Indian households.

Implementation and Infrastructure

MMTC-PAMP's existing infrastructure provides a solid foundation for the silver recycling initiative. The company operates 20 stores for gold recycling that can be adapted to handle silver processing. The pilot program will require specific upgrades and training to ensure effective silver handling.

Key implementation requirements include:

• Equipment upgrades at existing stores
• Recalibration of machinery to handle silver as a metal
• Staff training for silver processing
• Technology investments at recycling and assaying centers

Market Performance and Price Dynamics

Silver has demonstrated exceptional performance in the precious metals market over the past year. The white metal's price surge has significantly outpaced gold, creating new investment opportunities and highlighting supply-demand imbalances.

Guha noted that silver has delivered almost double the returns of gold over the last 12 months, positioning it as an attractive investment option for those who missed the gold rally. The lower entry point for silver investments has made it particularly appealing to new investors.

Import Patterns and Business Expansion

MMTC-PAMP's import data reflects the overwhelming demand for silver in the current market. The company primarily imports gold in dore form as a refiner, with historical gold-silver imports maintaining a 1:1 ratio.

Beyond recycling, MMTC-PAMP plans to expand its minting business, particularly in South and Eastern India. The company aims to increase minting capacity from 2.4 million coins to 3.6 million coins while growing its digital commerce operations through its website and major marketplaces like Amazon and Flipkart.

Industry Position and Future Outlook

MMTC-PAMP operates India's only LBMA-accredited refinery for both gold and silver good delivery standards, positioning it uniquely in the market. Guha characterized silver as having become "a new gold" from an investment perspective, while acknowledging that gold remains preferred for de-dollarization and silver continues to dominate industrial applications.

The company's strategic move into silver recycling represents a proactive response to market dynamics and supply constraints, leveraging existing infrastructure while addressing growing demand in the precious metals sector.