As one of the highest earners of foreign exchange for India, MMTC is marketing the first-ever sovereign gold coin in India and abroad. Aligning with the Make in India initiative of the government of India, MMTC is taking advantage of India’s presence in the world engineering goods market like UAE, Africa and SAARC countries by becoming a sourcing hub for them
During its journey of nearly 53 years, as one of the largest trading companies in the country, Metals and Minerals Trading Corporation of India (MMTC ltd), a prestigious Government of India enterprise, has been acting as a bridge for the nation by sourcing what has been in short supply for India’s industry while exporting its surplus to fulfill another country’s growing needs. In its role as a premier trading house, the company has been at the forefront in its support to domestic industries, particularly the small and medium scale enterprises.
One of the prime contributions of MMTC is to support the manufacturing industry by serving their requirement for raw materials like steel billets, non-ferrous metals, etc. and thereby promote competitive production of goods for use within the country and for export to other nations. The diverse product range imported and exported by MMTC includes minerals, metals, bullion, fertilisers, coal, and agro commodities from across five continents. MMTC, one of India’s premier bullion traders, is an authorised agency of the government for the supply of gold, silver, platinum, palladium, rough diamonds, emeralds, rubies and other semi-precious stones to jewellers in India. For backward integration of its operations, MMTC has set up in collaboration with the international producer PAMP SA Switzerland, the country’s first integrated bullion refinery and medallion manufacturing facility, i.e. MMTC–PAMP India Pvt. ltd (MPIPl). It started commercial production in 2012 and soon became India’s first lBMA-accredited refiner for gold and silver. In 2013, it was licensed by The Royal Mint UK to manufacture the iconic Commemorative Royal Sovereign in India. This is the first occasion in 1100 years of the Royal Sovereign being manufactured outside the UK.
MMTC has also promoted a steel plant in Jajpur, Odisha, which is now India’s largest producer and exporter of saleable pig iron. The Neelachal Ispat Nigam limited (NINl) is a fully-integrated steel plant, and in line with the Government of India’s Make in India initiative, it caters to growing demands of eastern, central and northern regions of India for pig iron, apart from exporting the same and earning valuable foreign exchange. MMTC has now embarked upon massive expansion plans for NINl for downstream products like steel billets, bi-rods and so on to bridge the gap of steel billets in the country.
During FY15-16, the company was assigned the prestigious responsibility of marketing the India Gold Coin, the first ever sovereign gold coin by the Government of India, which is now being retailed through a wide network of outlets of MMTC and associated banks across the country. The India Gold Coin is presently available in denominations of 5, 10 and 20 grams, with attractive packaging, BIS hallmarking and guarantee for 24 karat purity and 999 fineness. The Make in India endeavours of MMTC also offer a unique opportunity to the company to take advantage of India’s presence in the world engineering goods market like UAE, Africa and SAARC countries by becoming a sourcing hub for them. Two new trade divisions of the company have been set up to increase India’s exports from MSME sector in the areas of drugs, pharmaceuticals, fine chemicals and engineering goods.
MMTC’s overseas subsidiary in Singapore and a liaison office in Johannesburg are facilitating the company’s efforts in supporting the MSME sector and Make in India initiatives.