MSTC Ltd

History of MSTC Ltd

MSTC Limited was initially incorporated as 'Metal Scrap Trade Corporation Limited', on September 9, 1964 at Kolkata. The Company was granted the Certificate of Commencement of Business on April 12, 1965 by the ROC. Subsequently, the name was changed to 'MSTC Limited' and a fresh certificate of incorporation upon change of name was issued by the ROC on November 9, 1994. The Government of India (GOI) currently holds 64.75% shareholding in the Company as of March 31, 2024. MSTC Limited is a Schedule B, Mini Ratna Category-1 Central Public Sector Enterprise (CPSE) under the Ministry of Steel (MOS), Govt. of India. Company undertakes trading activities, e-commerce and also disposal of ferrous and non-ferrous scrap, surplus stores, minerals, agri and forest produces etc. mostly from Public Sector Undertakings, leading private sector entities and Govt. Departments. The core activity of the Company has been divided into two Operational Divisions, i.e. e-Commerce and Trading. The e-Commerce division undertakes disposal of Scrap, surplus stores, e-sales of minerals, agri and forest produces, and e-procurement. Apart from these, MSTC also provides e-procurement solution. The trading division handles import/export and domestic trade of mainly bulk industrial raw material. It looks after sourcing, purchase and sales of industrial raw materials like Heavy Melting Scrap, Low Ash Metallurgical Coke, HR Coil, Crude Oil, Naptha, Coking Coal, Steam Coal etc. for supply to Indian industries. ... The end customers are Coal/Steel Industries, Oil sector, State owned Power Companies etc. The Company was incorporated to deal in export of ferrous scrap. It became a subsidiary of SAIL on August 22, 1973 to act as a canalizing agent of the GoI for the import of metal scrap. Thereafter, on May 21, 1982 it became an independent GoI company upon acquisition of the shares of SAIL by the Selling Shareholder. Since its incorporation till the decanalisation of metal scrap by the GoI in 1992, the Company was mainly engaged in import of metal scrap as a canalising agency of the GoI. After the decanalisation, it decided to diversify the business and emerge as a multi-product and a multi-functional organization. In 2001, the Company was Accorded with Mini Ratna Category - II. The Company acquired the balance shares of Ferro Scrap Nigam Limited vide share sale agreement dated June 29, 2002 by virtue of which it became the wholly owned subsidiary in 2002. In 2004, the Company commenced e-auctioning of coal, commenced e-auction of Tea in 2010; commenced E-Auction of human hair in 2011, commenced e-auction of iron ore in Karnataka in 2012, commenced e- auction of chrome ore and chrome concentrate for Odisha Mining Corporation in 2012, commenced e-auction of iron ore in Goa and red sander in Andhra Pradesh in 2014, commenced e-auction of coal mine blocks and subsidy disbursement for re-gasified liquified natural gas in 2015. The Company entered into a JV with MIL for setting up an Auto Shredding Plant at Greater Noida, Uttar Pradesh in 2016. In March 2019, the Company came up with an Initial Public Offering of 17,670,400 Equity Shares of Face Value of Rs 10 each of the company, through an Offer for Sale by the President of India, acting through the Ministry of Steel, Government of India (the Selling Shareholder) for cash at a price of Rs 120/- per equity share by raising money from public aggregating to Rs 211.04 Crores. In 2023, the Company through Mahindra MSTC Recycling Pvt. Ltd (MMRPL) forayed into the recycling sector. The Company's auto recycling plant at Greater Noida completed its operations. The Second Plant in Chennai commenced operations from February 2020. In 2024, the Company added two more RVSFs (Registered Vehicle Scrapping Facility) at Guwahati and Bengaluru, by venturing into recycling sector through its JV Company Mahindra MSTC Recycling Pvt. Ltd (MMRPL). It launched ELV auction portal for disposal of 'End-Of-Life' Vehicles for Central and State Govt. in compliance with the MoRTH's notified Motor Vehicles Rules, 2021, by extending services for individual ELV owners also. It developed the bidding portal for auction for leasing Critical Mineral Blocks, 6 blocks of critical minerals auctioned in FY 2024. Ferro Scrap Nigam Limited (FSNL), a 100% owned subsidiary of the Company, was fully transferred to the new Management on 21 January, 2025. The Company launched a comprehensive Steel Import Management System, SIMS 2.0, for the Ministry of Steel, GoI and website for the Ministry of Steel in FY25. 18 Coal Mine blocks have been allotted for commercial mining in FY 2024-25. 77 Major Mineral blocks allotted for various states through auctions. First stage bid submission of 11 tranche of Coal Block auction for commercial mining has been completed. MSTC launched MSTC REALTY Auction Portal on 15 January, 2025 for property auctions. It launched the e-auction platform for sale of timber from Chhattisgarh Forest Department. The online bidding platform for Export & Import of petroleum products was launched & delivered to IOCL. The EXIM portal became fully operational. Agreement signed with Ministry of Mines for auction of offshore minerals and Tranche 1 of offshore Mineral block auction has been launched in FY25.