Govt plans to reduce stake in MMTC to 75%; STC, PEC may shut down

MMTC saw annual profit after taxes rise to Rs 81.43 crore in 2018-19, from Rs 48.84 crore in the year before, whereas with massive overheads, STC and PEC have both reported losses

The government is planning to reduce its stake in state-owned trading firm MMTC from the current 90 per cent to 75 per cent, as mandated by the Securities and Exchange Board of India (sebi), senior officials said. But, this will be done only after a final decision is taken on shutting down loss-making State Trading Corporation (STC) and PEC, two other government-owned trading companies that are in worse financial shape, they said.

MMTC saw annual profit after taxes rise to Rs 81.43 crore in 2018-19, from Rs 48.84 crore in the year before, whereas with massive overheads, STC and PEC have