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The State Trading Corporation of India Ltd. (STC) has signed a Memorandum of Understanding (MOU) with the Ministry of Commerce for the year 2005-06. The MOU was signed by Dr. Arvind Pandalai, Chairman-cum-Managing Director on behalf of STC and Shri S.N. Menon, Commerce Secretary on behalf of the Department of Commerce, Ministry of Commerce & Industry, here yesterday.
Speaking on the occasion, Dr. Pandalai informed that for the year 2005-06, the Corporation has set an ambitious turnover target of Rs.7500 crore despite changes in policies relating to two of its major areas of businesses, namely, exports of food grains and imports of bullion. This represents an increase of 56% in turnover target (excluding bullion) compared to the previous year’s target. He further mentioned that many new trade areas were being considered by the Corporation for diversification during 2005-06, such as exports of petrochemicals, iron ore, bulk drugs to the CIS for production of formulations in the region and imports of non-ferrous metals, IT products, etc. Besides, the Corporation is also proposing to set up warehouses abroad, undertake mining operations, etc.
As per the MOU, profit after tax for the year 2005-06 is projected to increase by 120% compared to the MOU target of 2004-05.
STC is hopeful of achieving the targets set in the MOU: 2005-06 in view of the current momentum in the business activities of the Corporation.
SB/MRS
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