STC in counter-trade tie-up for Indian/AI aircraft deal

New Delhi, Oct 18 (UNI) The Government today said it has appointed the State Trading Corporation as a nodal agency to monitor implementation of offset/counter trade obligations arising out of purchase of aircraft by Indian/Air India.

''The Corporation has already entered into a high value agreement with Airbus in this regard. Similar agreement is also being negotiated with Boeing'', a Commerce Ministry statement said here.

Meanwhile the STC has paid a final dividend of 35 per cent for 2005-06 to the Government.

The dividend cheque for Rs 9.56 crore was handed over by Dr Arvind Pandalai, Chairman and Managing Director of the company to Minister of Commerce and Industry Kamal Nath here last evening.

This is in addition to an interim dividend of 15 per cent already paid for the year 2005-06, thus taking the total annual dividend payment for the year 2005-06 to an all time high of 50 per cent.

The STC had earned the highest-ever net profit (post tax) of Rs 39 crore. The highest profitability was the outcome of a deliberate shift of focus from items yielding higher turnover to the ones generating greater trading margins and various diversification plans adopted by the Corporation.

During 2005-06, STC reported a turnover of over Rs 7100 crore.

In keeping with its plans to develop agro business, the Corporation has contracted 55 lakh MT of wheat for import on behalf of the Government against 5 global tenders floated during the last about six months.

As on end-September 2006, 15 lakh MT of wheat has already arrived the Indian ports and the same has been handed over to the Food Corporation of India.

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