MMTC to open office in Johannesburg

State-owned trading giant MMTC is all set to open its office in Johannesburg on January 10, a move aimed at stepping up its business, especially in diamonds, with South Africa and other countries in the African continent.

Initially, $7 billion company will start a liaison office which will later be upgraded into a full-fledged establishment, an official said.

The MMTC office would be inaugurated by Commerce and Industry Minister Anand Sharma.

"MMTC can cooperate with them in areas like diamond, gold and silver. The company will focus on trading and on forming joint ventures with African companies," he said.

The Johannesberg office would be used not only for sourcing precious stones like diamonds, but also help in expanding the company's business with the entire African continent. 

Africa is in focus in terms of attracting investments by global mineral giants to tap its natural resources.

MMTC is one of the leading companies in India which deals in agricultural commodities, fertilisers and minerals. Besides, it is also an importer of gold and silver.

Currently, the trading company has an overseas office in Singapore.