Steel Minister Inaugurates New Office of MSTC in Lucknow

The Union Minister of Steel, Shri Beni Prasad Verma inaugurated newly opened office of MSTC in Lucknow, today. On the occasion, Shri Verma said, “MSTC has been continuously making efforts to increase its business. I am sure that by opening an office in Lucknow, it will be able to tap into the e-commerce business of the Uttar Pradesh much better.” Shri Verma during his visit to the office keenly reviewed the services offered and the facilities available in the office.

MSTC is a Mini Ratna category I PSU under Ministry of Steel. It is a continuous profit making and dividend paying company. It has core competence in providing e-commerce service. MSTC closed the financial year 2012-13 with a record profit before tax (PBT) of Rs.193 crore with total volume of business Rs.25,030 crore. There has been a 16% increase in company’s reserve. It is expected to excel in performance during current financial year (2013-14) also.

There is a very huge business opportunity for MSTC in Uttar Pradesh. At present, MSTC is doing a business with the various government departments and PSE’s of Uttar Pradesh by conducting e-Auctions/E-procurements of various types of materials. The Lucknow Office of MSTC is located in the heart of the commercial district of Lucknow. The office has been started with 5 employees and present volume of business handled by this office is about Rs.200 Crores. This is expected to increase in the near future. The staff strength will also increase with the increase in volume of business.

CMD, MSTC, Shri S.K. Tripathi was present on the occasion.

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NSK/DB