Home  »  Company  »  MMTC Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

MMTC Ltd. Company History and Annual Growth Details

YEAR EVENTS
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 withthe trade in minerals and metals.

- The entire paid-up capital has been provided by the Government of India.

1964 - The Corporation was to receive the agreed 50% share of the reserves and surplus on confirming by the Court of the scheme of bifurcation.

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
industry.

- 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 vaultsat 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 forexports.

- 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 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 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 company.

2001 - MMTC has signed a memorandum of understanding with the Department of Commerce
in the Ministry of Commerce and Industry.

2002

-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.

2003

-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.

2004

- MMTC, Ennore Port together to set up iron ore facility

2005

- MMTC wins 4 gold medals for exports

- MMTC Vizag office reports 135-pc rise in turnover

2006

- MMTC mulls to set up 50 MW wind plant

- MMTC enters into LTA with Japanese, Korean and Chinese steel mills

2007

-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.

2008

- 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.

2009
- MMTC records highest ever trade turnover, pays 40% finanl dividend for 2008-2009.

- MMTC pulls out of Maytas SEZ project

2010

-Company has recommended a Dividend @ 90% on the paid up equity capital

-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

2011

-Company has recommended a Dividend @ 25% on the paid up equity capital

2012

--Company has recommended a Dividend @ 25% on the paid up equity capital

2013

-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 (IPE).

2014

-Inauguration of Assaying Centre at MMTC

2015
-MMTC Ltd. - MMTC to supply Imported Coal to CIL & APPDCL

2016
-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.

Find IFSC