Business Daily from THE HINDU group of publications
Sunday, Jul 08, 2007
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Business Daily from THE HINDU group of publications Sunday, Jul 08, 2007 ePaper |
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Corporate
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New Projects Agri-Biz & Commodities - Tea STC sets up tea processing plant
Our Bureau Bangalore July 7 The State Trading Corporation of India Ltd has set up a tea processing plant at Gudalur to help small and marginal growers in the Nilgiris region. Apart from ensuring better prices for the growers, the tea plant which commenced operations recently would form the backward linkage supplying quality produce for STC’s tea export operations. STC has signed up some 300 growers for supply of green leaves. “We have taken a tea processing factory on lease, which can produce about 100 tonnes a month,” said Mr Arvind Pandalai, Chairman cum Managing Director, STC. The revenues from tea export operations for STC stands at around Rs 30 crore. STC mainly exports tea to countries like Pakistan and Afghanistan, Mr Pandalai said. Supply Chain
The prices offered by STC for growers are based on the last auction prices at Coonoor, Mr Pandalai said. Depending on the success of this initiative, STC would scale up the operations, he said. Further, STC is exploring options to be part of the ongoing retail revolution in the country. “We are exploring options to be part of the supply chain of large retailers, departmental stores for supplying agricultural products like fruits and vegetables,” Mr Pandalai said. Meanwhile, STCL, formerly Spices Trading Corporation Ltd, a subsidiary of STC is planning to set up a steam sterilisation unit at Chhindwara, Spices Park, Madhya Pradesh at a cost of Rs 5.75 crore, Mr K.C. Ponnana, Managing Director, STCL, said. Addressing a press conference on the eve of STCL’s Annual General Meeting, Mr Ponnana said the new unit would help spice growers of Madhya Pradesh. New Product Lines
STCL net profits for the year-ended March 31, 2007, doubled at Rs 12 crore compared with Rs 5.98 crore in the previous year. Revenues for the year grew over 114 per cent to touch Rs 1,009.04 crore (Rs 470.78 crore). Attributing the growth to the qualitative change in management skills, marketing strategy besides continued thrust on identifying new product lines, Mr Ponnana said the State-owned entity was targeting a turnover of Rs 1,500 crore for 2007-08. The export revenue in 2006-07 increased significantly to Rs 590 crore from Rs 130 crore in the previous year, while the domestic revenues grew to Rs 419 crore from Rs 340 crore.
More Stories on : New Projects | Tea | PSU
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