MMTC has contracted to import 70,000 tonnes of white sugar so far this season to supplement the shortage of the commodity amid sky rocketing of retail prices, its Chairman and Managing Director Sanjiv Batra said here.
Referring to hot trading of gold, Mr. Batra said India’s total gold imports were 600 tonnes last year, of which MMTC’s share was 146 tonnes. This year MMTC aimed to increase its share in total imports. Out of the total gold imports of 265 tonnes in the April-August period this fiscal, MMTC had shipped in 65 tonnes. “Strengthening of the rupee has helped in capping the surging prices. During the last few days the prices have slipped and I hope that this will help in boosting the jewellery demand,” he added. Mr. Batra said its iron ore terminal at Ennore port in Tamil Nadu was expected to become operational by March next. The first phase of the port was being set up at a cost of Rs. 400 crore. Civil work was almost complete. Sical Logistics and L&T Infrastructure were the strategic partners of MMTC for the greenfield terminal project.
Another iron ore terminal at Paradip port was expected to become operational in three years, Mr. Batra said. MMTC had entered into a joint venture with Gammon Infrastructure and the Nobel Group for this terminal.
