Public sector trading agency MMTC is ready to divest an additional 15 per cent of its equity in the current fiscal in line with the Government’s intent of increasing public holding in state-run units to at least 25 per cent.

“We have told the Government that we are ready to start the disinvestment process and could divest as much as 15 per cent in the current fiscal. The Government has to take a final call on how much stake sale will happen this year,” MMTC’s newly appointed CMD Ved Prakash said on Thursday.

The Government holds 90 per stake in MMTC as 10 per cent of the equity has already been divested.

"Although SEBI has proposed that the Government should pare its stake in public sector companies to 75 per cent or below by 2017, we don’t have issues meeting the goal this year itself," Prakash added.

The newly appointed CMD said that the trading agency was working towards doubling its turnover from Rs 18,000 crore to Rs 40,000 crore in the next five years and would try to elevate MMTC to the status of a navratna from the present status of a mini-ratna.

Prakash said with the Government relaxing its restriction on gold imports, MMTC hoped to double its import of the yellow metal to 50 tonnes this fiscal.

MMTC is also working on diversifying its exports by including project & engineering goods and chemicals & pharmaceuticals in its basket to give a push to the country's goods exports.

"The two new trade verticals will be in addition to the existing six verticals and is in line with the Government's thrust on increasing exports," Prakash said on Thursday.

MMTC also wants to increase its presence in Africa and South Asia. “We have plans of upgrading our liaison office in Johannesburg to a full-fledged trading company as we expect to do a lot of business in both South Africa and other parts of the continent as well,” Prakash said.

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