The government-owned Metal Scrap Trading Corp. (MSTC) Ltd has decided to launch an auction portal to protect against the economic slowdown.
MSTC, originally set up to trade in metal scrap, has since diversified to handle pellets, lump coke and coking coal. It has been making profits consistently and paid the government a dividend of $146,000 in 2000-01 on its initial investment of $ 208,000. The government has a 90 percent stake and the public the rest.
MSTC chairman and managing director Malay Sengupta believes that the portal will not only speed up trading, but also make the process transparent by reducing the scope for cartels.
"The portal is ready. We are only waiting for certain clearances. As soon as they are obtained our clients would be able to click in," he told The Financial Express. However, the payment would be offline.
MSTC, which has been conducting business with physical auctions, is aiming at a turnover of $195 million in the current fiscal year.
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