Govt grants Navratna status to Shipping Corp

News Flash

Email us at buyorsell@ndtv.com
Call us at 011-26201171
CALL US AT 011-26201171
EMAIL US AT BUYORSELL@NDTV.COM
CALL US AT 011-26201171
EMAIL US AT BUYORSELL@NDTV.COM
OPEN MARKET OPERATIONS OF RBI ARE A PART OF REGULAR LIQUIDITY MANAGEMENT
STEEL MINISTRY FORMS COMMITTEE TO RESTRUCTURE PSU'S LIKE MSTC, KIOCL
STEEL MINISTRY FORMS COMMITTEE TO RESTRUCTURE PSU'S
TO TALK TO PM ON IRON ORE EXPORTS
CRUDE FALLS BELOW $60/BBL FOR THE 1ST TIME SINCE MAY ON ECONOMIC JITTERS
CIC ISSUED AN ORDER AGAINST SEBI IN THE MATTER ON JUN 26, 2009
BHOJ RAJ SAHU ASKED FOR LIST OF SHAREHOLDERS OF ALL DELISTED COS
CIC ORDER FAVOURING BHOJ RAJ SAHU ASKED FOR DATA ON DELISTED COS
CHALLENGES CENTRAL INFORMATION COMMISSION'S ORDER ON RTI
CRUDE FALLS BELOW $60/BBL ON THURSDAY ON ECONOMIC JITTERS
SEEKS RS.9000/TN CUT IN STEEL PRICES IN FY'10: NW
SENIOR MGMT CHANGES TO HELP IN POSITIONING THE COMPANY IN FUTURE
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
DISCOVER 100CC NOT TO REPLACE PLATINA 100, NOT AN ENTRY LEVEL BIKE
TO LAUNCH 100CC DISCOVER, POSITIONING 100 CC BIKE AS A 'LONG DISTANCE BIKE'
SEBI WANTS MIN 26% FREE FLOAT, FM TO GIVE TIME FOR IMPLEMENTATION: SRCS
APPOINTS INVST BANKS FOR FUND RAISING EXERCISE, PLANS TO RAISE $400MN: SRCS
FUND RAISING LARGELY TO REDUCE DEBT TO RS.7000 - 8000 CR
SUZLON PLANS TO RAISE $400MN: SOURCES
SUZLON APPOINTS INVESTMENT BANKS FOR FUND RAISING EXERCISE: SOURCES
LEAD BANKERS INCLUDE CREDIT SUISSE, CITI & DEUTSCHE BANK: SOURCES
SUZLON TO RAISE FUNDS VIA GDR OR QIP ROUTE: SOURCES
NEED TO REVAMP SAT WILL BE REVIEWED IN THE MEETING: SOURCES

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

Top Stories

Press Trust of India

Monday, August 11, 2008 (New Delhi)

Blog

Comments:

Read (0)

Post

Rate the story

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.