STC sets a business target of Rs 10,000 crore

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New Delhi, Mar 24 (UNI) The State Trading Corporation of India Ltd today signed an MoU with the Ministry of Commerce setting an ambitious business target of Rs 10,000 crore during 2006-07.

The company aims for growth in all the three segments of trade - exports, imports and domestic marketing.

The MoU was signed by Commerce Secretary S N Menon and STC Chairman-cum-Managing Director Arvind Pandalai.

According to Mr Pandalai, the STC envisages a 33 per cent jump in profit before tax from Rs 40 crore in 2005-06 to Rs 53 crore during 2006-07.

The trading major has diversified into many new areas of business, such as, supply of indigenously manufactured bullet proof jackets, bomb blankets etc. to State Police Departments/Para Military Forces, mining operations, imports of almonds, thermal coal and communication equipment, and domestic supply of various raw materials such as iron ore, steel, coke and chemicals.

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