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.