SPMCIL signs MoU with Govt. for 10% business growth

The public sector Security Printing and Minting Corporation of India Limited (SPMCIL) today signed a memorandum of understanding (MoU) with the Finance Ministry setting for itself a target of 10 per cent growth in business in 2010-11.

According to the MoU, the company has agreed to achieve business worth Rs 2750 crore in the next financial year, which is 10 per cent more than the targets set for the current fiscal.

The MoU was signed between Finance Secretary Ashok Chawla and SPMCIL Chairman & Managing Director M S Rana.

An official press release said the MoU was based on the premise of a growth charter in a globally competitive environment and forward looking approach of SPMCIL.

It incorporates new parameters for evaluation of performance with focus on profitability, new schemes, market and product diversification as well as optimization of its various resources.

Apart from meeting the national requirement of currency and coinage, SPMCIL has started looking for export business in this crucial segment.

In 2009-10, the company bagged export orders for printing Nepalese Bank Notes of Rs.100/- and Rs.10/- denominations. SPMCIL is also pre-qualified, along with eight international security printing and minting companies for minting and supply of Nepalese circulation coins.

India Security Press (ISP), Nashik, a unit of the company, has signed an MoU with Archaeological Survey of India (ASI) for printing and supply of security features-based admission tickets for its various monuments throughout the country.

India Government Mint (IGM), Kolkata, another unit of the company, has received an order for making more than four lakh silver medals for Coal India Limited. India Government Mint (IGM), Mumbai, a unit of the company, has received an order for manufacturing medallions for the Akshardham Temple, the release added.

NNN