Minerals and metals trading company limited
Not only handling the export of primary products such as coaliron oreand manufactured agro and industrial productsMMTC also imports important commodities such as ferrous and nonferrous metals for minerals and metals trading company limitedand agricultural fertilizers. The Company has a vast international trade network, spanning almost in all countries in AsiaEuropeAfricaOceaniaAmerica and also includes a wholly owned international subsidiary in SingaporeMTPL.
It is one of the Miniratnas companies. MMTC is one of the two highest foreign exchange earner for India after petroleum refining companies. Being the largest player in bullion trade, including retailingMMTC's share was tonnes of gold out of the total import of tonnes of the precious metal in The Company was incorporated on 26 September at New Delhi. The Corporation started functioning on 1 October. The main objectives of the company was export of mineral ores and import of essential metals.
After Independence the government decided to authorize the mining of scarce mineral resources to the public sector rather than private sectoralthough India's National Mineral Policy clearly states that it does not "preclude the State from securing the co-operation of private enterprise in the larger interest of the State or with a view to accelerating the pace of development".
Under the Constitution of Indiamineral rights and authority of mining laws remain vested with the state governments. On the other hand, Central government regulates the development of minerals under the Mines and Minerals Regulation Act of The MMTC has its origins in the s, when the Indian governmentwith the interest of boosting agricultural and industrial development, determined to earn valuable foreign currency through the export of canalized mineral ores, which the country had huge deposits of.
As a consequence of the government's decision to earn foreign currencythe State Trading Corporation of India Ltd. The Company had commenced its operation on 1 October With the rapid growth of the State Trading Corporation STC in its direct trading activities and in view of the importance given to the exports of mineral ores in the country's Five Year Plans, a decision was taken by the Government of India to split the STC and establish another corporation to deal exclusively with the trade in minerals and metals.
Japan and South Korea continued to be the major markets till the year of Then it made a foray into European market with the exports of one lakh tonnes of iron ore to Slovakia and Romania. Also in the same year, the company had commenced import of gold and silver against special import license for supply to the customers in the domestic area. Imports worth 20 metric tonnes of gold and silver worth tonnes was made and the company opened new gold vaults at Hyderabad and Vizag to offer its services to the customers in these areas.
However, manganese ore exports remained depressed due minerals and metals trading company limited recession in the steel industry. During the yearMMTC opened a duty-free jewellery show room at Chhatrapati Shivaji International Airport and a Memorandum of understanding was signed with the government of Orissa for development of existing Gopalpur minor port into an all-weather, deep water and direct berthing port.
From the year onwards, the company started to import the Chemical items and Homeopathic Medicines. In the identical year ofthe joint venture with the Orissa government namely Neelchal Ispat Nigam Ltd was minerals and metals trading company limited as the second largest exporter of pig iron from the country.
The 15 MW wind farms of the company were commissioned in March of the year at Karnataka. In The year minerals and metals trading company limited, MMTC had received government approval for acquiring an minerals and metals trading company limited stake in the consortium, which has undertaken minerals and metals trading company limited project for construction of a permanent iron ore-loading berth at Ennore to decongest Chennai port.
On 14 September From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. July Learn how and when to remove this template message. India's largest foreign exchange earner. Public Sector Undertakings in India List.
State-owned enterprise Minerals and metals trading company limited BSE: New DelhiIndia.