THE Punjab Small Industries & Export Corporation Ltd (PSIEC) has signed an MoU with the State Trading Corporation of India Limited (STC) to use later’s offices abroad to give impetus to exports from the state.
PSIEC will also seek help from STC to import raw materials like steel, HR coils/sheets, scrap, coal, coke, minerals/metals and other products for the benefit of SSIs. PSIEC warehouses will distribute the imported materials in the state. Acoording to the MoU, PSIEC MD S S Rajput and STC CMD Arvind Pandalai have agreed to cooperate with each other for trading of thermal coal, cooking coal, HR rolled steel coils (HRC) and other steel products by effecting domestic trade in and around Punjab.
Both parties have agreed to pool in their individual organisational strengths and share information. Both parties will export the goods and services to other countries and PSIEC will offer quotes to STC.
Once this synergy statrts giving results, STC may be allowed to utilise PSIEC warehouses for such imports/purchases for servicing PSIEC customers.
STC will also arrange for the registration of the STC-PSIEC brand name for sale of products in various states.
As per the agreement, the two parties will bear their own costs and there will not be any obligation on either party to share or reimburse costs for either of the parties.