The State Trading Corporation (STC) plans to enter several new areas of trade with a view to achieving the targeted turnover and profitability.
STC is looking at overseas contract farming in pulses, development of infrastructure at port areas, expansion of tea operations in domestic/export markets, STC chairman and managing director N K Mathur said.
He said the state-run trading company is also planning to strengthen the business of bullion, hydrocarbons, edible oils, petrochemicals and agricultural commodities.
The total turnover of STC is projected to reach Rs21,000 crore, with increases in all its areas of operation, viz, exports, imports and domestic trade. The state-run trading company has projected a 40 per cent increase in its after-tax profit for the financial year ending 31 March 2010.
STC also signed a memorandum of understanding (MoU) with the ministry of commerce for the year 2010-11 last week. STC chairman and managing director N K Mathur and commerce secretary Rahul Khullar signed the MoU.