Key Points
Commerce and industry minister Piyush Goyal will next week chair a key meeting on the closure of Metals and Minerals Trading Corporation of India (MMTC), State Trading Corporation (STC) and Project & Equipment Corporation of India, which were denotified as nominated agencies for imports and exports of goods like high-grade iron ore and precious metals last year...
"There is a section of the government which wants the closure of these three PSUs as they are no longer serving their purpose but it is difficult to preempt if a decision would be made," said an official...
The government had decided to shutdown many PSUs in 2019 after a review of investments by central public sector enterprises in publicly listed state-level entities to ensure that these CPSEs are not saddled with unrelated ventures or loss-making firms...
STC was set up in 1956 as a trading arm of the government to undertake trade with East European countries while PEC was incorporated as a subsidiary of STC in 1971 to handle the canalised business of export of railway and engineering equipment and became an independent firm in 1997..
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