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Our Bureau

New Delhi , March 24

STATE Trading Corporation of India Ltd (STC) has signed a MoU with the Commerce Ministry for 2005-06 to indicate its physical targets and other performance parameters for the next fiscal.

The Chairman and Managing Director of STC, Dr Arvind Pandalai, said that for the next fiscal, the Corporation has set a turnover target of Rs 7,500 crore despite changes in the Government policies relating to two of its major areas of business viz., export of foodgrains and import of bullion.

This represents an increase of 56 per cent in turnover target (excluding bullion) compared to the previous year target.

He said that many new trade areas are being considered by the Corporation for diversification during 2005-06 such as export of petrochemicals, iron ore, bulk drugs to Commonwealth of Independent States (CIS) for production of formulations in the region, and import of non-ferrous metals and IT products.

The Corporation is also proposing to set up warehouses abroad and undertake mining operations.

As per the MoU, profit after tax for the 2005-056 is projected to increase by 120 per cent compared to the MoU target of 2004-05, a release said. The MoU was signed by Dr Pandalai with Mr S.N. Menon on behalf of the Department of Commerce.

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