For MMTC Limited - the largest international trading company of India - winning the CAPEXIL Highest Export Award for 2008-09 is a culmination of the company's sincere efforts and tireless dedication of its employees. With this, MMTC has now received the CAPEXIL Award for the 18th time in a row. MMTC's forte has been breaking new ground in the field of exports in conjunction with the valuable support of its stakeholders including customers, suppliers, Govt. agencies, Ports and Railways towards enhancing India's share in the global market for minerals and ores.
Amidst spontaneous applause by a large audience present, MMTC's Director (Marketing) Shri S. Khurana received the award from Shri Jyotiraditya M. Scindia, Honable Minister for State for Commerce and Industry, The Award was presented in Delhi on 27th November 2009 at CAPEXIL's 51st Annual General Meeting-cum-Export Award Ceremony in New Delhi.
Today MMTC is a Premier Trading House with core businesses encompassing minerals, metals, bullion, gems & jewellery, fertilizers, agro-products, coal & hydrocarbons. MMTC has achieved its highest ever turnover of Rs. 36820.76 crores in 2008-09, which includes best ever exports of Rs.4575.88 crores and imports of about Rs30695 crores and a net profit before tax of about Rs. 320.86 crores, being the best ever since inception. Minerals exports have been the core bulk operations for MMTC for over four decades. In 2008-09, MMTC exported about 6.82 million tonnes of minerals products including iron ore, chrome ore and manganese ore from various ports of India earning almost Rs. 3700 crores in foreign exchange. MMTC's leadership status in minerals exports is the result of dedicated efforts of the past four decades, creating extensive infrastructure facilities from the mineheads to the ports and backed by its in-house capabilities for procurement, shipping, logistics and export operations. Through a network of 75 offices, warehouses and port offices, MMTC has integrated the entire logistics chain for smooth and timely exports to various parts of the globe.
As per the National Steel Policy of the Government of India, steel production in India is projected to grow to 110 million tones by the year 2020. However, as per Working Group on Steel set up by Planning Commission, the Indian crude steel production will reach levels of 80 million and 120 million tones by 2012 and 2016 respectively. This means that there is going to be a corresponding increase in requirement for raw materials in view of the increasing steel demand in India. The increase in steel production would in turn also require exploration and development of mines as well as extraction and processing of minerals to be used as raw materials for such steel making units. In order to take advantage of such situation, MMTC is collaborating with M/s Tata Steel by forming a joint venture company to facilitate mining and processing of various minerals, ferrous and non-ferrous ores, coal, precious metals (like gold and silver), diamonds etc., both in India and abroad.
Ministry of Shipping, Government of India has decided that iron ore handling at Chennai Port would be discontinued in due course and that facilities at Ennore Port should be developed as an alternative. MMTC has joined hands with M/s SICAL and L&T Infrastructure to form a consortium company for setting up a permanent iron ore loading berth with attendant facilities at Ennore Port. The work at this new berth is expected to complete by around January 2010. This port will be able to handle cape-size vessels of 150,000 DWT in first phase with further expansion planned for the second phase subsequently. MMTC would be holding 26% equity stake in the consortium company.
