Starts venture in Bulgaria
New Delhi, Sept. 19
State Trading Corporation of India Ltd (STC) has logged a turnover of Rs 3,000 crore during the first five months of the current fiscal and posted a profit before tax of Rs 23 crore.
The corporation is confident of achieving the turnover of Rs 10,000 crore that it set for itself when it entered into a memorandum of understanding (MoU) with the Government for the current fiscal, a company release said here.
With a view to reinforce its hold in the market, STC is going in for forward and backward integrations. Having been successful in its overseas operations in the Philippines, the corporation has also begun similar venture in Bulgaria. Special thrust is being laid on developing exports of iron ore for which supply arrangements have already been tied-up with Mysore Minerals. As a step towards backward integration, STC plans to venture into mining.
In keeping with its plan to develop agro business, the corporation has contracted to import 55 lakh tonnes of wheat for the Government of India against five global tenders floated during the last six months. As on mid-September 2006, 7.5 lakh tonnes of wheat has already arrived in the Indian ports, which has been handed over to the Food Corporation of India.
The Government has also appointed STC as a nodal agency to monitor implementation of offset/counter-trade obligations arising out of purchase of aircrafts by Indian/Air India. While STC has already entered into a big value pact with Airbus, a similar agreement is under way with Boeing. STC has plans to undertake forward integrations in the areas of retail and brand marketing.