STC to get into iron business

Thursday, 24 March 2005 14:19:22 (GMT+3)   |  
       

STC to get into iron business

The State Trading Corporation of India Ltd. (STC) signed a Memorandum of Understanding with the Ministry of Commerce to expand STC's business to cover iron ore exports. According to the memorandum, STC plans to set up warehouses abroad and undertake mining operations. The company set a turnover target of Rupees 75 billion ($1.7 billion) for the 2005-06 fiscal year. That target translates to a 56% increase from the previous year.

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