Public Sector Undertakings
STC was set up on 18th May, 1956 primarily with a view to undertake trade with East European countries and to supplement the efforts of private trade and industry in developing exports from the country. Since then, STC has played an important role in country’s economy. It has arranged imports of essential items of mass consumption (such as wheat, pulses, sugar, edible oils, etc.) into India and contributed significantly in developing exports of a large number of items from India. The core strength of STC lies in handling exports/ imports of bulk agro commodities. Over the years, STC has also diversified into exports of steel, iron ore, molasses and imports of bullion, hydrocarbons, minerals, metals, fertilizers, petro-chemicals, etc. This has helped STC achieve high level of performance in the recent years. STC is today able to structure and execute trade deals of any magnitude, as per the specific requirement of its customers.
Ever since liberalisation of trade policies since 1991, the Corporation carries out most of its business operations purely on commercial terms in the competitive global trading environment.
STC has a paid up equity capital of Rs.60 crore. As on 31.03.2013, the share of Government of India in STC’s equity was 91.02%. However, the same has since been brought down to 90% by way of sale of 1.02% of Government of India’s holding in STC’s equity through stock exchanges. The balance 10% is held by mutual funds, financial institutions and public. It has built a net worth of Rs.590 crore as on 31.03.2013 and has contributed a sum of over Rs.1200 crore till date to the public exchequer by way of payment of dividends and corporate taxes.
The Board of Directors of STC comprises of whole time Chairman-cum-Managing Director, five whole-time Directors, two ex-officio Directors from Department of Commerce and independent Directors appointed by the Government from time to time. Presently, STC has eight independent Directors on its Board.
STC has thirteen branch offices in India, the major ones being at Mumbai, Kolkata, Chennai, Ahmedabad, Bangalore and Hyderabad. The total manpower of the Corporation as on 31.03.2013 was 830. STC has own tank farms, warehouses, godowns at various locations of the country for storage of liquid/ dry cargo.
STC’s subsidiary, STCL Ltd., which is based at Bengaluru, is in the process of being wound up.