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State-run STC is also planning to foray into new areas like port development and overseas contract farming
With a view to achieve a projected turnover of Rs21,000 crore in the next fiscal, the State Trading Corporation of India Ltd (STC) is planning to foray into new areas like port development and overseas contract farming, reports PTI.
The total turnover of the state-run trading company has been projected to reach Rs21,000 crore in 2010-11, an official statement said on Tuesday.
STC, which plays an important role in importing essential items and exporting a large number of others, had a turnover of Rs19,460 crore in 2008-09. The company's profit after tax (PAT) has been estimated to increase by about 40%.
"With a view to achieve the stated projections of turnover and profitability, STC plans to enter into many new areas of trade such as overseas contract farming in pulses, development of infrastructure at port areas," it said.
The company notched up a profit of Rs81.34 crore in 2008-09.
STC would also lay emphasis to strengthen its bullion, hydrocarbons, petrochemicals, edible oils and agricultural commodities business. It would also expand its tea operations in domestic as well as global markets.
Last week, STC signed a memorandum of understanding (MoU) with the commerce ministry in this regard.