With a view to achieve a projected turnover of Rs 21,000 crore in the next fiscal, state-run trading firm STC is planning to foray into new areas like port development and overseas contract farming. The total turnover of State Trading Corporation of India Ltd (STC) has been projected to reach Rs 21,000 crore in 2010-11.
STC, which plays an important role in importing essential items and exporting a large number of others, had a turnover of Rs 19,460 crore in 2008-09. The firm's profit after tax (PAT) has been estimated to increase by about 40 per cent. The firm had a profit of Rs 81.34 crore in 2008-09.
With a view to achieve the stated projections of turnover and profitability, STC plans to enter into many new areas of trade such as overseas contract farming in pulses, development of infrastructure at port areas.
STC would also lay emphasis to strengthen its bullion, hydrocarbons, petrochemicals, edible oils and agricultural commodities business. It would also expand its tea operations in domestic as well as global markets. Last week, the firm signed a memorandum of understanding (MoU) with Commerce Ministry in this regard.