Company History - MMTC
1963 - The Company was incorporated on 26th September, at New
Delhi.The Corporation started functioning on 1st October.The main
objects of the company Export of mineral ores and Import of essential
- With the rapid growth of the State Trading Corporation (STC) in
its direct trading activities and in view of the importance given
to the exports of mineral ores in the country's Five Year Plans, a
decision was taken by the Government of India to bifurcate the STC
and establish another corporation to deal exclusively withthe trade
in minerals and metals.
- The entire paid-up capital has been provided by the Government of
1964 - The Corporation was to receive the agreed 50% share of the
reserves and surplus on confirming by the Court of the scheme of
1966 - 1,00,000 No. of equity shares issued for cash at par.
1972 - 1,50,000 Bonus Equity shares issued in prop. 1:2.
1973 - 1,50,000 Bonus Equity shares issued in prop. 1:3.
1974 - 3,00,000 Bonus Equity shares in prop. 1:2.
1977 - 9,00,000 Bonus shares issued in prop. 1:1.
1978 - 3,00,000 Bonus shares issued in prop. 2:3.
1981 - 14,00,000 Bonus shares issued in prop. 2:3.
1994 - Japan and South Korea continued to be the major markets. It
made a foray into European market with the exports of one lakh tonnes
of iron ore to Slovakia and Romania. However, manganese ore exports
remained depressed due to recession in the steel
- Exports of iron ore despite frequent breakdown in port
equipment at Vizag. Exports of manganese, chrome ore etc. remained
- During the year, the company commenced import of gold and silver
against special import license for supply to the customers in the
domestic area. Imports worth 20 metric tonnes of gold and silver
worth 270 tonnes was made and the company opened new gold vaultsat
Hyderabad and Vizag to offer its services to the customers in these
- With a view to venturing into sale of jewellery in the domestic
sector, the company held an exhibition of plain gold and studded
jewellery in Delhi in December, at Mumbai in March 1995.
- Due to severe outbreak of virus disease significant share of
cultured crop of shrimps in India were wiped out. Added to this was
the combination of unremunerative international price and
woefully inadequate and high priced domestic supply scenario.
- The company embarked upon a plan to set up an integrated textile
mill on Joint venture basis in the Eisenberg. Group of companies,
M/s. UDI Panama as an 100% EOU, for manufacture of
cotton yarn, processed knitted fabric and premium garments
- With a view to fetching good margin the company adopted export
ofover wears of self designed garments through private labels on
stock and sale basis.
- To boost exports of consumer goods to CIS countries, the
Companyconverted its Moscow office into a joint stock company for
- The company explored the possibilities of setting up a steel
distribution centre as a joint venture with an overseas principal for
continuation in the business.
1995 - The company continued to purchase rough diamonds, emeralds,
rubies and semi-precious stones from overseas markets. Its New York
Office was being developed as a marketing base for Jewellery.
Exports to U.S.A. Also, its office at dubai is involved in bullion
trade. A duty-free jewellery show room was opened at Sahar
International Port. With a view to tapping country's vast potential
the company proposed to have its own manufacturing plant at Delhi for
production of gold/silver modellin.
- A MOU was signed with the government of Orissa for development
ofexisting Gopalpur minor port into a all-weather, deep water and
direct berthing port. The project gained significance in view of the
two port-based steel plants viz. TISCO & L & T with initial steel
production capacity of 5 TPA by 2000 AD with planning for expansion
upto 20 TPA of finished steel by 2015 A.D.
- BIFR approved scheme of merger-cum-amalgamation of Mica Trading
Corporation of India Ltd. (MITCO) with MMTC.
- 46,500,000 Bonus shares issued.
1996 - Export of iron ore marginally declined due to the major
constraints faced during the year such as frequent breakdown in port
equipments, reduced staking area in ports and supreme court judgment
banning mining activities in forest land.
- The purchase of Rough emeralds, Rubies and other semi-precious
stones from overseas market continued.
- Chemical items and Homeopathic Medicines were imported by the
2001 - MMTC has signed a memorandum of understanding with the
Department of Commerce
in the Ministry of Commerce and Industry.
-MMTC board has approved for Capital Reduction Scheme to ensure
transfer of Rs.15cr to the government
-MMTC has opened a new outlet at Thiruvananthapuram - a duty free
-MMTC has signed a Memorandum of Understanding with the department of
setting an turnover target of Rs.6780crs.
-MMTC has unveiled a new line of silverware, Sanchi-Silver in Style.
-MMTC Ltd recorded a 38% growth in its export of minerals and metals
during the first three quarters of the current fiscal.
-MMTC Ltd, which holds the golden super star trading house status,
has successfully penetrated the Chinese market for the mineral ores.
-MMTC files application with Central Government Industrial Disputes
Act 1947, seeking
permission for closure of 'Mica Division of MMTC Ltd.'
-MMTC Ltd has acquired Rs.800cr deal from Japanese and South Korean
for the supply of iron ore.
-MMTC's joint venture with the Orissa government - Neelchal Ispat
Nigam Ltd. has emerged as the second largest exporter of pig iron
from the country.
- MMTC, Ennore Port together to set up iron ore facility
- MMTC wins 4 gold medals for exports
- MMTC Vizag office reports 135-pc rise in turnover
- MMTC mulls to set up 50 MW wind plant
- MMTC enters into LTA with Japanese, Korean and Chinese steel mills
-MMTC Ltd has informed that in pursuance of communication dated the
May 07, 2007 from Ministry of Commerce & Industry, Department of
Commerce, Govt. of India, Shri. Sunir Khurana has assumed the charge
of Director (Marketing) of the Company on May 07, 2007.
- MMTC has signed a pact with Swiss metal company PAMP to set up a
gold refinery in Sohna, Haryana.
- MMTC Wins D & B Top Ranking Corporate Award in Trading Sector For
- MMTC signs agreement with Swiss firm for gold refinery.
- MMTC records highest ever trade turnover, pays 40% finanl dividend
- MMTC pulls out of Maytas SEZ project
-Company has recommended a Dividend @ 90% on the paid up equity
-MMTC has given the Bonus in the Ratio of 1:1
-Company has splits its Face value of Shares from Rs 10 to Re 1
-Company has recommended a Dividend @ 25% on the paid up equity
--Company has recommended a Dividend @ 25% on the paid up equity
-Most Caring Companies Award' received for Global CSR Excellence
presented by the World CSR Congress.
-Recognition for being one of the 30 Most Talented HR Leaders in PSUs
& HR Leadership Award presented by the Institute of Public Enterprise
-Inauguration of Assaying Centre at MMTC
-MMTC Ltd. - MMTC to supply Imported Coal to CIL & APPDCL
-MMTC Ltd. has been awarded the Star Performer Award for year 2014-15
in the product group - Basic Iron and Steel (Large Enterprise) by the
Engineering Export Promotion Council.
-MMTCs joint venture company Neelachal Ispat Nigam Limited (NINL) has
signed mining lease agreement for iron ore.