View source for MMTC Ltd

{{Short description|Foreign exchange company of primary and non-primary products based in India}}
{{more citations needed|date=July 2013}}
{{Use dmy dates|date=October 2020}}
{{Use Indian English|date=November 2013}}
{{Infobox company
| name = Metals and Minerals Trading Corporation of India Limited
| logo = MMTC Ltd Logo.svg
| logo_size = 250px
| type = [[Central Public sector undertakings in India|Central Public Sector Undertaking]]
| traded_as =  {{BSE|513377}} <br />{{NSE|MMTC}}
| foundation = {{launch date|26 September 1963}}
| location = [[New Delhi]], India
| key_people = Sanjay Chadha  <br /> ([[Chairman]] & [[Managing Director|MD]])
| industry   = [[Trading|Trading Company]]
| revenue             = {{increase}}{{INRConvert|28997.23|c}} (2019) <ref name="Balance Sheet 2019">[https://www.bseindia.com/bseplus/AnnualReport/513377/5133770319.pdf "Balance Sheet 31.03.2019"] {{Webarchive|url=https://web.archive.org/web/20200727233059/https://www.bseindia.com/bseplus/AnnualReport/513377/5133770319.pdf |date=27 July 2020 }}.</ref>
| operating_income    = {{increase}}{{INRConvert|183.86|c}} (2019)<ref name="Balance Sheet 2019"/>
| profit              = {{increase}}{{INRConvert|81.43|c}} (2019)<ref name="Balance Sheet 2019"/>
| assets              = {{decrease}}{{INRConvert|4454.77|c}} (2019)<ref name="Balance Sheet 2019"/>
| equity              = {{increase}}{{INRConvert|1489.25|c}} (2019)<ref name="Balance Sheet 2019"/>
| owner               = [[Government of India]] (89.93%)
| num_employees =  778 (01st May 2020)
| parent  =
| subsid   =
| homepage  = {{official URL}}
| footnotes  =
}}
'''MMTC Ltd.''' (known fully as '''Metals and Minerals Trading Corporation of India''') is one of the two highest earners of [[Foreign exchange reserves|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 [[Industrial sector|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 reserves|foreign exchange]] earner for India (after petroleum refining companies).<ref>[http://www.rediff.com/money/2007/oct/01petroleum.htm] {{Webarchive|url=https://web.archive.org/web/20110607035350/http://www.rediff.com/money/2007/oct/01petroleum.htm |date=7 June 2011 }} Petroleum: India's largest foreign exchange earner.</ref> 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.<ref>[http://www.commodityonline.com/news/MMTC-Asia%E2%80%99s-biggest-gold-and-silver-importer-26215-3-1.html] {{Webarchive|url=https://web.archive.org/web/20100917091848/http://www.commodityonline.com/news/MMTC-Asia%E2%80%99s-biggest-gold-and-silver-importer-26215-3-1.html |date=17 September 2010 }} MMTC: Asia’s biggest gold and silver importer-NEW DELHI (Commodity Online)</ref>
===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, India|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, India|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.<ref>{{cite web |title=MMTC Ltd. |url=https://www.business-standard.com/company/mmtc-2292/information/company-history |website=Business Standard |access-date=17 September 2019 |archive-date=16 May 2018 |archive-url=https://web.archive.org/web/20180516211936/http://www.business-standard.com/company/mmtc-2292/information/company-history |url-status=live }}</ref>{{citation needed|date=July 2018}}
===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|date=July 2018}}
* India's Largest [[Bullion]] [[Trader (finance)|Trader]]{{citation needed|date=July 2018}}
* India's largest importer of [[Steel]]-[[Coal]]{{citation needed|date=July 2018}}
==See also==
{{Portal|Companies}}
* [[List of trading companies]]
==References==
{{Reflist}}
==External links==
* [http://mmtclimited.gov.in// Official Website of MMTC Ltd]
* [https://web.archive.org/web/20100212183037/http://www.mmtclimited.com/frame.php?url=newsitejewellery%2Findex.htm MMTC inside]
* [https://archive.today/20130217232649/http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01GJ021600]
{{Ministry of Commerce and Industry (India)}}
{{Public Sector Undertakings in India}}
{{authority control}}
[[Category:Trading companies|India]]
[[Category:Government-owned companies of India]]
[[Category:Metal companies of India]]
[[Category:Companies based in New Delhi]]
[[Category:1963 establishments in Delhi]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]