‘STC, MMTC merger on cards’

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NEW DELHI: A merger of state-run trading firms MMTC and STC is on the cards and the matter is under process, Commerce and Industry Minister Suresh Prabhu has said.
“That is something which is already on cards because STC unfortunately has become a sick company. Therefore, there are some measures which are being taken already and this matter is under process,” Prabhu told PTI.
He said this while replying to a question whether the government of India is moving ahead on the proposal to merge Metals & Minerals Trading Corporation of India (MMTC) and State Trading Corporation (STC).
STC, Project & Equipment Corporation of India (PEC) and MMTC are under the administrative control of the ministry.
Earlier, the commerce ministry had commissioned a study to work out a new structure for three state-owned trading firms MMTC, STC and PEC.