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MMTC turnover target set at Rs 5,849 cr

Our Bureau

NEW DELHI, March 30

MMTC today signed a memorandum of understanding with the Ministry of Commerce setting out a target of Rs. 5,849 crores turnover for 2000-01 fiscal and targeting a growth of about 21 per cent over the current fiscal year's likely performance.

The MoU, signed between the Commerce Secretary, Mr. P.P. Prabhu, and the Chairman-cum-Managing Director of

MMTC, Mr. S.D. Kapoor, here is based on the targets and parameters negotiated by a four-member task force consisting of retired senior officials from civil services, academy and the public sector.

In finalising the target for the super star trading house for the next fiscal, the task force placed on record its appreciation of MMTC's efforts, vision and strategies for emerging as a truly globally competitive leading trading house. It further apprec iated MMTC management for its keenness to improve and reach international standard.

The MoU signed by MMTC for fiscal 2000 incorporates new criteria for evaluation of performance which provide weightage to market diversification, overhead to trading profit and sales ratios, higher inventory management and time bound targets for implemen tation of projects and IT packages.

The growth agenda set by MMTC for the first fiscal year of the new millennium would revolve round specific strategy directions building on MMTC's core competence and capturing new growth opportunities fostered by global trends.