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3Novices : Govt may merge STC & PEC into MMTC

After the oil, defence and construction sectors, the government is likely to consider merging of state-owned companies in the trading space. Officials said a proposal to wind up State Trading Corporating and PEC, and merging their assets with the bigger MMTC, could be considered. MMTC is the largest exporter of minerals from India and also the country’s largest bullion trader. A formal cabinet note on the proposal could be initiated as early as this month. All three companies come under the commerce & industry ministry. STC and PEC are engaged in export and import of multiple commodities in bulk — rice, wheat, sugar, pulses, edible oils, fertiliser, coal, bullion, wheat, sugar, pulses and more. STC was set up in 1956, primarily at the time to undertake trade with East European countries, beside supplementing private trade and industry in developing of export. PEC was incorporated as ‘The Project and Equipment Corporation of India Limited’ in 1971, as a subsidiary of STC, to … http://ift.tt/2tFvC4WTwitter 3Novices

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