MMTC Ltd

Metals and Minerals Trading Corporation of India Limited

Company type	Central Public Sector Undertaking
Traded as	BSE: 513377 NSE: MMTC
Industry	Trading Company
Founded	26 September 1963 (26 September 1963)
Headquarters	New Delhi, India
Key people	Sanjay Chadha (Chairman & MD)
Revenue	₹28,997.23 crore (US$3.6 billion) (2019) [1]
Operating income	₹183.86 crore (US$23 million) (2019)[1]
Net income	₹81.43 crore (US$10 million) (2019)[1]
Total assets	₹4,454.77 crore (US$560 million) (2019)[1]
Total equity	₹1,489.25 crore (US$190 million) (2019)[1]
Owner	Government of India (89.93%)
Number of employees	778 (01st May 2020)
Website	www.mmtclimited.com

MMTC Ltd. (known fully as Metals and Minerals Trading Corporation of India) is one of the two highest earners of foreign exchange for India and India's largest public sector trading body. Not only handling the export and import of primary products such as coal, iron ore, agro and industrial products, MMTC also exports and imports important commodities such as ferrous and nonferrous metals for industry, and agricultural fertilizers. MMTC's diverse trade activities cover third country trade, joint ventures and link deals and all modern forms of international trading. The company has a vast international trade network, spanning almost in all countries in Asia, Europe, Africa, Oceania, and in the United States and also includes a wholly owned international subsidiary in Singapore, MTPL. It is one of the Miniratnas companies.

MMTC is one of the two highest foreign exchange earner for India (after petroleum refining companies).^[2] It is the largest international trading company of India and the first public sector enterprise to be accorded the status of Five Star Export Houses by Government of India for long standing contribution to exports

Being the largest player in bullion trade, including retailing, MMTC's share was 146 tonnes of gold out of the total import of 600 tonnes of the precious metal in 2008–09.

History

Foundation

The company was incorporated on 26 September 1963 at New Delhi. It falls under Commerce Ministry. The Corporation started functioning on 1 October. The main objectives of the company was export of mineral ores and import of essential metals. According to a latest news, MMTC is Asia's biggest gold and silver importer.^[3]

State Trading Corporation

After Independence the government decided to authorize the mining of scarce mineral resources to the public sector rather than private sector, although India's National Mineral Policy clearly states that it does not "preclude the State from securing the co-operation of private enterprise in the larger interest of the State or with a view to accelerating the pace of development"

Under the Constitution of India, mineral rights and authority of mining laws remain vested with the state governments. On the other hand, Central government regulates the development of minerals under the Mines and Minerals (Regulation) Act of 1957.

The MMTC has its origins in the 1950s, when the Indian government, with the interest of boosting agricultural and industrial development, determined to earn valuable foreign currency through the export of canalized mineral ores, which the country had huge deposits of. As a consequence of the government's decision to earn foreign currency, the State Trading Corporation of India Ltd. was founded in 1956, as a wholly owned government subsidiary, to handle the export and import of selected commodities.

1963-2000

The company had commenced its operation on 1 October 1963. With the rapid growth of the State Trading Corporation (STC) in its direct trading activities and in view of the importance given to the exports of mineral ores in the country's Five Year Plans, a decision was taken by the Government of India to split the STC and establish another corporation to deal exclusively with the trade in minerals and metals.

Japan and South Korea continued to be the major markets till the year of 1994. Then it made a foray into European market with the exports of one lakh tonnes of iron ore to Slovakia and Romania. Also in the same year, the company had commenced import of gold and silver against special import license for supply to the customers in the domestic area. Imports worth 20 metric tonnes of gold and silver worth 270 tonnes was made and the company opened new gold vaults at Hyderabad and Vizag to offer its services to the customers in these areas. However, manganese ore exports remained depressed due to recession in the steel industry.

The wholly owned subsidiary MMTC Transnational Pte Ltd, Singapore was incorporated under the control of company in the year 1994 itself. During the year 1995, MMTC opened a duty-free jewellery show room at Chhatrapati Shivaji International Airport and a Memorandum of understanding was signed with the government of Orissa for development of existing Gopalpur minor port into an all-weather, deep water and direct berthing port. In the same year, Board for Industrial & Financial Reconstruction (BIFR) had approved the scheme of merger-cum-amalgamation of Mica Trading Corporation of India Limited (MITCO) with MMTC. From the year 1996 onwards, the company started to import the Chemical items and Homeopathic Medicines. In 2003, MMTC's joint venture with the Orissa government, namely Neelchal Ispat Nigam Ltd., emerged as the second largest exporter of pig iron from India.^{[4][citation needed]}

2012

On 14 September 2012. the Cabinet Committee on Economic Affairs decided disinvestment of 9.33% in MMTC.

Today MMTC has the distinction of being:

• Largest exporter of minerals from India^{[citation needed]}
• India's Largest Bullion Trader^{[citation needed]}
• India's largest importer of Steel-Coal^{[citation needed]}

See also

• List of trading companies

References

External links

• Official Website of MMTC Ltd
• MMTC inside
• [3]

• v
• t
• e

Ministry of Commerce and Industry (India)

Department
of
Commerce

Divisions	Administrative & General Division Finance Division Economic Division Trade Policy Division Foreign Trade Territorial Division Plantation Division Supply Division State Trading & Infrastructure Division
Attached & Subordinate Offices	Directorate General of Foreign Trade Directorate General of Supplies & Disposals (DGS&D) Directorate General of Anti-Dumping & Allied Duties (DGAD) Directorate General of Commercial Intelligence & Statistics, Kolkata Special Economic Zones Pay & Account Office (Supply, Commerce & Textiles)
Autonomous Bodies	Commodity Boards Agricultural and Processed Food Products Export Development Authority Export Inspection Council Indian Institute of Foreign Trade Indian Institute of Packaging Marine Products Export Development Authority National Centre for Sustainable Aquaculture (NaCSA) Rajiv Gandhi Centre for Aquaculture (RGCA) Network for Fish Quality Management & Sustainable Fishing (NETFISH)
PSUs	State Trading Corporation (STC) PEC Limited MMTC Ltd Export Credit Guarantee Corporation of India India Trade Promotion Organisation Pay & Account Office (Supply, Commerce & Textiles)
Advisory Bodies	Board of Trade (BOT) Inter State Trade Council Council for Trade Development & Promotion
Export Promotion Councils	Engineering Exports Promotion Council Project Export Promotion Council of India (PEPC) Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (Chemexcil) Chemicals & Allied Products Export Promotion Council (CAPEXIL) Council for Leather Exports Sports Goods Export Promotion Council Gem and Jewellery Export Promotion Council Shellac Export Promotion Council Cashew Export Promotion Council of India Pharmaceutical Export Promotion Council The Plastics Export Promotion Council Indian Oil Seeds & Produce Export Promotion Council (IOPEPC) Services Export Promotion Council
Other Organisations	Federation of Indian Export Organisations Indian Diamond Institute Footwear Design & Development Institute (FDDI) National Centre for Trade Information India Brand Equity Foundation Price Stabilization Fund Trust

DPIIT

Statutory Bodies	Intellectual Property Appellate Board Petroleum and Explosives Safety Organisation Copyright Office Semiconductor Integrated Circuits Layout-Design Registry
Autonomous Institutions	National Council for Cement & Building Materials (NCCBM) Indian Rubber Manufacturers Research Association (IRMRA) National Institute of Design National Productivity Council (NPC) Quality Council of India Central Manufacturing Technology Institute (CMTI) Central Pulp & Paper Research Institute (CPPRI)
Attached & Subordinate offices	Grievance Offices Controller General of Patents, Designs & Trade Marks Office of Chief Controller of Accounts (Disclosure of Central Government Accounting Data) Rajiv Gandhi National Institute of Intellectual Property Management (NIIPM) Principal Account Office Office of Technical Adviser (Boilers) Tariff Commission Office of the Salt Commissioner Office of the Economic Adviser National Manufacturing Competitiveness Council Office of Chief Controller of Accounts

Secretaries

• Guruprasad Mohapatra(incumbent)

Ministers

Industry

Syama Prasad Mukherjee Harekrushna Mahtab Nityanand Kanungo Ram Subhag Singh H. C. Dasappa Tribhuvan Narain Singh Damodaram Sanjivayya F. A. Ahmed(Industrial Development) Dinesh Singh (Industrial Development & Internal Trade) Moinul Hoque Choudhury(Industrial Development) C Subramaniam(Industrial Development) T. A. Pai(Industry) Brij Lal Verma George Fernandes Kasu Brahmananda Reddy T. A. Pai N. D. Tiwari Kotla Vijay Bhaskar Reddy Veerendra Patil N. D. Tiwari J. Vengala Rao K. Karunakaran Suresh Prabhu Murasoli Maran Sikandar Bakht

Commerce

I. I. Chundrigar Cooverji Hormusji Bhabha (Commerce) Kshitish Chandra Neogy (Commerce) Jawaharlal Nehru(Commerce & Industry) Sri Prakasa (Commerce) Harekrushna Mahtab (Commerce & Industry) T T Krishnamachari (Commerce & Industry) Swaran Singh Morarji Desai (Commerce & Industry) Lal Bahadur Shastri(Commerce & Industry) KC Reddy (Commerce & Industry) Manubhai Shah (As MoS till 24 January 1966)(Commerce)' Dinesh Singh(Commerce) Bali Ram Bhagat(Foreign Trade & Supply) Dinesh Singh(Commerce) Lalit Narayan Mishra(MoS) D. P. Chattopadhyay(Commerce)(as MoS till 23 December 1976)' Morarji Desai(Commerce) Mohan Dharia(Commerce) Charan Singh(Commerce) Hitendra Desai(Commerce) Indira Gandhi Pranab Mukherjee(Commerce) Pranab Mukherjee(Commerce) Rajiv Gandhi Arjun Singh P Shiv Shankar (Commerce) N. D. Tiwari (Commerce) Dinesh Singh(Commerce & Industry) Chandra Shekhar (Commerce) Subramanian Swamy (Commerce) P Chidambaram(MoS, IC) (Commerce) P. V. Narasimha Rao P Chidambaram (MoS, IC) (Commerce) P. V. Narasimha Rao Atal Bihari Vajpayee Atal Bihari Vajpayee Devendra Prasad Yadav(Commerce) Bolla Bulli Ramaiah(Commerce) Ramakrishna Hegde(Commerce) Murasoli Maran(Commerce & Industry) Anand Sharma(Commerce & Industry) Nirmala Sitharaman(Commerce & Industry)'(MoS, IC)' Suresh Prabhu(Commerce & Industry) Piyush Goyal(Commerce and Industry)(incumbent)

MOS

• Hardeep Singh Puri(incumbent)