MMTC aims to double gold imports to 50 tonnes this fiscal

NEW DELHI: Government trading agency MMTC aims to double gold imports to 50 tonnes this fiscal after the government relaxed gold import norms.

"We would target doubling gold imports at 50 tonnes versus close to 30 tonnes last year," said Ved Prakash, the newly appointed MMTC chairman.

The agency will divest another 15% stake this fiscal in line in government's target of 25% divestment in PSUs.

Last year they divested 10% stake. "We will most likely go for a follow on public offer. However the modality is still being worked out. But we are prepared for divestment," said Prakash.

MMTC is targetting to double its turnover in the next five years to 40,000 crore as against 18000 crore in 2014-15.

It also aims to diversify its exports by including project and engineering exports and pharma and chemicals. These will be two new verticals in addition to the six existing ones.