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MMTC Ltd. Company History and Annual Growth Details

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 metals.

- 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 with
the 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 good.

- 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 vaults
at Hyderabad and Vizag to offer its services to the customers in
these areas.

- 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 for

- With a view to fetching good margin the company adopted export of
over wears of self designed garments through private labels on
stock and sale basis.

- To boost exports of consumer goods to CIS countries, the Company
converted its Moscow office into a joint stock company for
trading purposes.

- 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

- A MOU was signed with the government of Orissa for development of
existing 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 business.

-MMTC has signed a Memorandum of Understanding with the department of commerce
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 companies
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 2007.

- MMTC signs agreement with Swiss firm for gold refinery.

- MMTC records highest ever trade turnover, pays 40% finanl dividend for 2008-2009.
- MMTC pulls out of Maytas SEZ project
Oct 21, 12:00 am
Oct 21, 4:14 pm
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