Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

PUBLIC SECTOR UNDERTAKINGS
BACKGROUND INFORMATION ON PSU’S
The headquarters of the 4 PSU’s are in New Delhi.
MMTC Limited
Established in 1963, MMTC is India’s largest general trading company covering minerals, metals, agricultural products,
precious metals, gems and jewellery. It falls under the administrative control of the Ministry of Commerce and Industry.
It was known formerly as The Minerals and Metals Trading Corporation of India Limited. Employees: 2,865. Gold Cell
branches: 17.
Apart from importing gold bullion since 1989, MMTC has opened 4 retail jewellery outlets: at Mumbai’s international airport
(1996), in metropolitan Mumbai and Chennai (2001), and in Trivandrum (2002). A minting unit has manufactured MMTC
minted bars and medallions since 1995, as well as customised medallions for government and corporate entities. MMTC has
offered assaying and hallmarking services since 1987, registered by the Bureau of Indian Standards as an authorised
Hallmarking Centre in June 2000. MMTC plays an important role in the promotion of jewellery through exhibitions and
attendance of jewellery fairs worldwide.
PEC Ltd
Established in 1971, PEC operates as a trading house under the administrative control of the Ministry of Commerce and
Industry. Apart from exporting engineering, electrical, textile and mechanical equipment and tools, it also trades a diverse
range of other products from telecommunication and computer hardware to coal, timber, building materials, agricultural
products, cotton fabrics and processed foods. It was known formerly as The Projects and Equipment Corporation.
Employees: 210. Gold Cell branches: 7 (plus 1 in planning).
PEC has been an active gold bullion importer since February 1998. It was the first PSU to offer the USANCE Letter of Credit
facility to import gold.
The HHEC of India Ltd
Established in 1962, The Handicrafts and Handlooms Exports Corporation of India Limited (HHEC) focuses on the export promotion
and trade development of handicrafts, handlooms and village industry products, ranging from woodcraft,
furniture and glassware to garments, rugs, carpets and jewellery. It falls under the administrative control of the Ministry of
Textiles. Employees: 240. Gold Cell branches: 7.
The State Trading Corporation of India Ltd (STC)
Established in 1956, STC’s trading activities range from the export of agricultural products, engineering materials,
pharmaceuticals, processed foods and tobacco to the import of acids, fertilizers, sugar and precious metals. It falls under
the administrative control of the Ministry of Commerce and Industry. Employees: 1,200. Gold Cell branches: 7.
STC has been expanding its gold-related services since establishing its first Gold Cell office in March 1997.
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MMTC and STC also support India’s gold jewellery export programme.
AN INTRODUCTION TO THE INDIAN GOLD MARKET