STC, once among top PSUs, to be wound up

The Times of India (New Delhi edition) - - Times Sport - NEWS NET­WORK

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.

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