The Hindu Business Line : MSTC bags `MoU Excellence' award

Kolkata March 12 The Kolkata-headquartered MSTC Ltd, listed among the top Mini Ratna central PSEs, has been awarded the MoU Excellence Award for 2004-05. The organisation has been selected for the honour from amongst the top 10 CPSEs.

According to an official release issued here, MSTC has logged sales value through e-commerce of Rs 2,786 crore in 2005-06, and expects to cross Rs 3,000 crore in 2006-07.

The company, having recorded a turnover of Rs 5,400 crore in 2004-05 through both import and domestic purchase-sale transactions, suffered a slump in sales volumes during 2005-06 at Rs 4,500 crore owing to a sharp drop in prices.

MSTC developed its e-auction system in 2002 and is planning to emerge as a leading e-commerce player in the country today.

MSTC, set up 43 years ago primarily as a regulating body for export of ferrous crap, later took to import of scrap after assuming the role of a canalising agency for the same. And from 92-93 onwards, after scrap import was put on OGL list, MSTC has switched to import of industrial raw materials in bulk, mainly on back-to-back contract basis, primarily for the steel sector.

The items include metallurgical coke, coking coal, HR Coil, Naphtha etc. According t the MSTC top management, the PSE was open to import of any item provided the Indian buyer put across a viable business proposal.

The company sells scrap worth Rs 1,000 crore annually on behalf of Ministry of Defence and more than 200 units of central PSEs.

More Stories on : Awards & Honours | PSU | E-Commerce & E-Business | West Bengal

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