MMTC, STC, PEC likely to face closure; Piyush Goyal to chair meeting on Oct 23

The government may down shutters on three state-run entities — MMTC, STC and PEC — after the final decision is taken in a meeting chaired by Commerce Minister Piyush Goyal on October 23, CNBC-TV18 reported quoting sources.

The move comes after the three state-run entities were denotified last year as canalising agencies, or government monopolies set up for foreign trade.

MMTC was a canalising agency for export and import of high-grade iron ore, manganese ore, chrome ore, and other precious metals. PEC was the canalising agency for the export and import of machinery and railway equipment. STC was a canalising agency for imports of essential items of mass consumption like edible oils, pulses, sugar and wheat.

The three are under the administrative control of the commerce ministry. The ministry had indicated that the proposal for closure is under consideration based on the guidelines of Department of Public Enterprises on New Enterprise Policy.