New Enterprise Policy: MMTC, STC, PEC facing wind-up, government decision likely on October 23
Nirmala Sitharaman, Road Minister Nitin Gadkari, and Commerce Minister Piyush Goyal, the report added. MMTC operates under the purview of the commerce ministry.
The government presently holds a 99.33 percent stake in MMTC. Previously, MMTC served as a canalising agency for the import and export of high-grade iron ore, manganese ore, chrome ore, copra, and other valuable metals.
At one point, MMTC was the largest non-oil importer in the nation. In the fiscal year 2022-23, the state-run trading firm reported a profit of ₹1,076.07 crore, a significant improvement from the ₹241.93 crore loss in 2021-22.
There are indications that the fate of STC and PEC will also be discussed in the meeting the report added. While the government holds a 90 percent stake in STC, it is the sole owner of PEC.
STC plays a vital role in importing essential items for mass consumption, such as edible oils, pulses, sugar, and wheat, while PEC is the canalising agency for machinery and railway equipment import and export. All three entities fall under the administrative authority of the commerce ministry, and the proposal for closure is being considered in accordance with guidelines concerning the non-strategic sector."Exciting news! Mint is now on WhatsApp Channels
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