New Delhi (05.01.2024): Union Finance Ministry has approved closure of Metals and Minerals Trading Corporation of India (MMTC), which was set in 1963, for lack of Investor interest in the company. On the Commerce Ministry seeing opinion on this, the Finance Ministry suggested that the PSU should be closed as investors are not showing any interest in the company.

After the Finance Ministry’s recommendations, the final decision will be taken by Finance Minister Nirmala Sitharaman, Road Transport and Highways Minister Nitin Gadkari and Commerce Minister Piyush Goyal.

After Union Cabinet gives its nod for the closure of MMTC, it will be coordinated by the Department of Public Enterprises of the Finance Ministry, which looks at the process of PSU closures. The government holds a 89.93 per cent stake in MMTC, which is short of the minimum 25 percent public shareholding norm. The Cabinet Committee on Economic Affairs approved the sale of a 9.33 per cent stake in MMTC in 2012 via an offer for sale, which hasn’t taken place.