Mumbai: The Government of India has conferred the elite 'Navratna' (one of the jewels in the Indian crown) status on Shipping Corporation of India, which will substantially increase the autonomy of the company's board of directors. 'We are the first and only company in the maritime sector to achieve Navratna status,' SCI chairman and md Sabyasachi Hajara (pictured) told SeatradeAsia-Online. 'We already carried mini-ratna status, which gave our board the autonomy to make decisions for up to $125m without needing government approval. With the new title, we now have complete autonomy.'
SCI is the 17th Indian company to secure the 'Navratna' status. The title is particularly pertinent to the shipping company, as it gives it the power to make decisions about bids submitted for vessel construction, thereby drastically speeding up the tendering process. The red tape involved with bidding for SCI vessel tenders had previously proved an obstacle to Chinese yards. [04/08/08]
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