New Delhi: Nitin Kumar Yadav, Joint Secretary in the Department of Commerce, has been assigned additional responsibilities as Chairman and Managing Director (CMD) of three major public sector trading enterprises – MMTC Ltd, PEC Limited, and STC Limited.
The appointment is for a period of one year, effective immediately. Mr. Yadav is a 2000-batch Indian Administrative Service (IAS) officer of the Haryana cadre.
The move aims to strengthen the leadership of these key trading corporations under the Ministry of Commerce and Industry, as the government continues to streamline operations and improve efficiency within public sector undertakings.
About MMTC
MMTC Ltd. is one of the two highest earners of foreign exchange for India and India’s largest public sector trading body. Not only handling the export and import of primary products such as coal, iron ore, agro and industrial products, MMTC also exports and imports important commodities such as ferrous and nonferrous metals for industry, and agricultural fertilizers.
About PEC
PEC Ltd is a Public Sector Undertaking under the Ministry of Commerce and Industry, Government of India. It was previously known as the Project and Equipment Corporation of India Ltd. and was established in 1971.
About STC
STC (The State Trading Corporation of India) Limited was incorporated in 1956 as CPSE. It is functioning under the administrative control of Ministry of Commerce & Industry. STC has been in international trade for over six decades. Till 1990, the basket of STC’s trade predominantly comprised bulk agro products, such as, rice, wheat, castor oils, sugar, edible oils, etc. However, to meet the challenges posed by liberalisation and globalisation of trade policies, STC diversified into new areas of trade over last two decades which included bullion, hydrocarbons, metals, minerals, ores, fertilisers and petro-chemicals.
