STC, once among top PSUs, to be wound up
New Delhi: The government has decided to shut down the 63-year-old State Trading Corporation (STC), once among the largest public sector companies, along with PEC (earlier Project and Equipment Corporation of India Ltd), which are remnants of the “import-licence raj”, when they were sole agencies responsible for routing foreign goods such as second-hand cars, gold, urea and palm oil for a generation of Indians seeking access to prized global brands.
From a time when they commanded enormous influence in the Indian markets, the PSUs — dogged by corruption controversies and inefficient management — ha
1956: first major state-run trading company to be set up,
ve now become a drag on the system after failing to repay loans and facing bankruptcy. MMTC (formerly Minerals and Metals Trading Corporation), the third major trading PSU, will also be revamped.