Govt grants Navratna status to Shipping Corp

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Updated: 11/08/2008 | 05:44 PM IST

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Press Trust of India

Monday, August 11, 2008 (New Delhi)

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Government on Friday granted the Navratna status to Shipping Corporation of India, thereby giving more power to the state-owned entreprise in the areas of capital investment for its ambitious fleet expansion plan.

The new recognition would also give more power to the company in the spheres of joint ventures and opening of new offices.

The company, which so far had the miniratna status, has been given the new status by the Ministry of Industries and Public Enterprises, according to a company filing with the Bombay Stock Exchange.

With the Mini Ratna status, SCI's board had the autonomy only to take decisions that involved an expenditure of less than Rs 500 crore, disallowing it to go for acquisition of VLCCs (Very Large Crude Carriers) on its own.

In 2006, SCI had planned a capital expenditure of Rs 15,000 crore for acquisition of 70 ships including VLCCs and container vessels.

Established in 1961 by the amalgamation of Eastern Shipping Corp and Western Shipping Corp, the state-run firm has fleet of 83 ships of 4.6 million DWT with interests in 10 segments of the shipping trade.