Shipping Corp of India (SCI) has been conferred the Navratna status that gives it substantial autonomous powers, the government said on Monday.

The country's premier shipping line, SCI will be the 17th Navratna company.

“Navratna status would enable Shipping Corporation of India to utilize the enhanced autonomy and powers delegated available to its board and thereby improve its performance further,” said a government press release.

The Navratna scheme began in 1997, with nine public sector companies - Bharat Heavy Electricals Ltd, Indian Oil Corp, Bharat Petroleum Corp, Indian Petrochemicals Corp, National Thermal Power Corp, Oil and Natural Gas Corp, Steel Authority of India, and Videsh Sanchar Nigam.

Of these, Indian Petrochemicals and Videsh Sanchar were subsequently privatised.

Over the years, GAIL India, Hindustan Aeronautics, Mahanagar Telephone Nigam, National Aluminium Company, NMDC, Bharat Electronics, Power Finance Corp, Power Grid Corp and Rural Electrification Corp joined this elite club.

Under the scheme, the boards of Navratna public sector companies have been given powers in areas relating to capital expenditure, formation of joint ventures and subsidiaries, as well as human resource development.

SCI posted a net profit of Rs.27.96 billion in the quarter ending June 30 this year - a rise of 35 percent from the corresponding period last year.

Its total income increased 14 percent to Rs.112.63 billion from Rs.97.9 billion in the corresponding quarter last year.