Govt plans to merge smaller trading firms with MMTC

After oil, defence and construction sectors, the government is likely to consider merging of state-owned companies in the trading space. 

Officials said a proposal to wind up State Trading Corporation (STC) and Project & Equipment Corporation of India (PEC), and merging their assets with the bigger Metals and Minerals Trading Corporation of India (MMTC), could be considered. MMTC is the largest exporter of minerals from India and also the country’s largest bullion trader. 

A formal Cabinet note on the proposal could be initiated as early as this month. All three companies come under the commerce and industry ministry. 

STC and PEC are engaged