All PSUs under Commerce & Industry Ministry on verge of sale ?

The State Trading Corporation of India Limited (STC), at its Board meeting, decided to stop the business activities/operations of the company. The company also agreed that there is no binding agreement for sale of STC or any of its division/branches either in entirety or piecemeal. During the financial year 2019-20, the company's annual turnover was 2930 crore with a net loss (after tax) of 114 crore (approx.) as on March 31, 2020. The Company had a negative net worth of 946 crore. All the Public Sector Undertakings (PSUs), including MMTC, under the Ministry of Commerce and Industry are on the verge of sale. The decision to close the companies will consign the thousands of employees to the scrapheap and stem future job opportunities, according to sources.