State Trading Corporation of India Ltd

State Trading Corporation of India Ltd is an international trading company owned by Government of India. The company is involved in the export, import and domestic trading of a range of products, both agricultural and nonagricultural commodities. They exports foodgrain, castor oil, coffee, cashew and tea and imports bullion, vanaspati and edible oils, pulses, hydrocarbons, metals and minerals and fertilizers. The company has one subsidiary, namely STCL Ltd (formerly known as Spice Trading Corporation of India Ltd).State Trading Corporation of India Ltd was incorporated in the year 1956. During the year early years, the company dealt with the East European countries, but now they trade with almost all the countries of the world. The company was developed vast expertise in handling bulk international trade.During the year 199495, the company started trading items rice, wheat, coffee, Indianmade foreign liquor, sandalwood and oil and during the year 199596, they entered into new area of business like direct import of fertilisers, nonferrous metals and kerosene oil. In domestic trading, they expanded their activities in areas like rice, wheat, coffee, cashew, tobacco and rubber. During the year 200102, the company entered into sugar export business after a gap of two years and exported sugar Sri Lanka, Indonesia and Sudan. During the year 200203, the companys entire shareholding in Tea Trading Corporation of India Ltd was transferred to Projects Equipment Corporation, a public sector undertaking under the Ministry of Commerce, at a notional price of Re 1 with effect from April 28, 2003.During the year 200304, the company signed a MoU with India Household and Healthcare Ltd, the sole licensee LG Care, Korea in India, in which the company imports LG Care, FMCG products like detergents, soaps, shampoos, tooth pastes, cleaning products, hair gels etc at different ports for distribution all over India by IHHL.During the year 200405, the company singed a MoU with Mysore Minerals Ltd for export of iron ore fines on 50:50 profit sharing basis. Also, the company forayed into import of FMCG Goods and IT products. During this period, the company launched retail sale pf imported gold coins in denominations of 5 gm and 10 gm from their corporate office building at New Delhi.During the year 200506, the company entered into domestic supply of various raw materials such as iron ore, steel, coke, chemicals, etc. they executed the highest ever contract (Rs 800 crore) for supply of 1.9 million MTs of thermal coal to NTPC during the year. The company also entered into oilseeds market and purchased soyabean and mustard seeds worth Rs 29 crore. The Corporation also procured, for the first time, about 10,000 MT of castor seeds valuing Rs 15 crore for sale in the domestic market.During the year 200708, the company signed an offset agreement with CFM, Boeing and GE for monitoring offset obligation of USD 69 million, 1.25 billion and 100 million respectively. They acquired a plot of land at Paradip port for facilitating iron ore exports a plot of land at Paradip port for facilitating iron ore exports and also applied for allotment of plot at Haldia Port. The company started tea operations in Nilgiri district of Tamil Nadu. They also launched domestic sale of tea in own brand Tohfa to Gujarat State Civil Supplies Corporation for supply through PDS. During this period, the company signed a MoU with company specializing in Research Development activities on improving the yield of Jatropha plants for production of biodiesel. The company is in the processof starting trial cultivation of bioengineered, high yielding of jatropha in Namibia on an area of about 25 hectares. They are in talks to grow crop in Indonesia as part of a move to raise output of the biodiesel feedstock.The company got second rank among trading companies of India and achieved first runner up position in the Multi Category sector under the Large exporters category for the DBECGC Indian Exporters Excellence Awards. The company was selected for MoU Excellence Award for the year 200607 by the Department of Public Enterprises. Also, the company was awarded International Trade House of the year Award (200708) sponsored jointly by DHL and CNBC TV18.The company through their subsidiary STCL Ltd set up a Chilli Processing plant at Byadagi in Karnataka. They also set up two more plants for pepper processing and Chilli Sterlisation in Siddapur, Karnataka and Chhindawara, Madhya Pradesh respectively. The company in a joint venture with NAFED and STCL Ltd is setting up a Food Testing Laboratory at Chindwara in Madhya Pradesh.