MMTC Disinvestment process commences

Divestment process of the Public sector Miniratna company Minerals and Metals Trading Corporation (MMTC) commenced planning to sell government’s 9.33 percent stake.

• Earlier the Empowered Number of Ministers (EGoM) on disinvestment, headed by Finance Minister P. Chidambaram, cleared 9.33% stake sale with the Offer For Sale (OFS) route.
• MMTC disinvestment is the first stake sale from the government in the current fiscal ( Disinvestment Target for 2013-14- Rs. 40,000 crore)
• The federal government currently holds 99.Thirty three percent stake and sale is needed the company to meet SEBI’s minimum public shareholding norm.
  
  
  

MMTC Ltd. (Metals and Minerals Trading Corporation asia)

• INDIA'S LARGEST FOREIGN TRADE ENTERPRISE (India's largest public sector trading body/ largest international trading company asia)
• LARGEST EXPORTER OF MINERALS FROM INDIA
• INDIA'S LARGEST BULLION TRADER (Asia’s biggest silver and gold importer)
• ONE OF INDIA'S BIGGEST IMPORTER OF NON FERROUS METALS / FERTILIZERS/ LARGEST IMPORTER OF STEAM COAL
• Certainly one of INDIA'S LARGEST TRADER OF AGRO PRODUCTS

• Incorporated in 1963 at New Delhi using the main objectives of export of mineral ores and import of essential metals (Half a century OF INCORPORATION in 2013 )
• Among the two highest earners of foreign currency for India (after petroleum refining companies)
• First public sector enterprise to become accorded the status of 5 Star Export Houses by Government (for very long standing contribution to exports)
• Handles the EXPORT of primary products for example coal, iron ore, manufactured agro and industrial products AND IMPORTS important commodities for example ferrous and nonferrous metals for industry, and agricultural fertilizers.
• Trade activities cover Third Country Trade, Joint Ventures, Link Deals yet others
• Wholly owned international subsidiary in Singapore, MTPL (MMTC Transnational Pte Ltd ; incorporated in 1994)
• MMTC has its own origin in the formation of State Trading Corporation asia Ltd. as a wholly owned government subsidiary in 1950's, to handle export and import of selected commodities once the Indian government, with the interest of boosting agricultural and industrial development, going to earn valuable foreign currency with the export of mineral ores .