The Hindu Business Line : MMTC inks MoU with Commerce Dept

New Delhi, March 26 MMTC Ltd, the largest trading company, has signed a memorandum of understanding with the Department of Commerce, outlining the broad targets for business turnover, gross margin and related parameters to be achieved during the next fiscal year.

The MoU was signed here by the company’s Chairman and Managing Director, Mr Sanjiv Batra, and the Commerce Secretary, Mr Gopal K. Pillai.

Interim dividend

Mr Batra also presented a cheque for Rs 19.87 crore to the Commerce Secretary by way of 40 per cent interim dividend of the company for the current fiscal. The board of directors of MMTC had declared the interim dividend in its meeting on March 12, here.

In the current fiscal, MMTC is likely to log a turnover of Rs 36,000 crore. In the next fiscal, a number of joint ventures are lined up which would start commencing operations and contributing to its topline and bottomline.

MMTC is also setting up with India Bulls a commodity exchange, which is likely to begin operations in June. MMTC is also co-promoting a currency exchange along with a group of nationalised and private banks, TCS and Jaypee Associates. The exchange is expected to being in July.

A company release said a medallion manufacturing and gold/silver refining unit is also being set up as a joint venture with Pamp, one of the world’s largest refiners of gold/silver. The unit would start production in January 2010.

MMTC has been allotted a coal block at Gomia in Jharkhand and the pre-feasibility study on that would start within 2009-10 as well, the company said.

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