MMTC begins process to exit unprofitable entities, starting with NINL, ICEX

Firm has floated RFP to sell its 6% stake in ICEX, less than a month after it notified its intent to divest equity in NINL

MMTC, a central government-owned trading company, has launched the process to exit unprofitable entities. The trading giant owns the largest stake in loss-accumulating steel company Neelachal Ispat Nigam Ltd (NINL) and has minority equity participation in Indian Commodity Exchange (ICEX). MMTC plans to sell stakes in both entities given their underwhelming performance.

MMTC has floated the Request for Proposal (RFP) to sell its six per cent stake in ICEX, less than a month after it notified its intent to divest equity in NINL. With a stake of 49.9 per cent, MMTC is presently the biggest shareholder in NINL, the steel PSU