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Shipping Corporation of India Ltd. Signs MoU with Government of India

Shipping Corporation of India Ltd. has signed the Memorandum of Understanding with the Ministry of Shipping for the financial year 2016-17. The MoU was signed by Shri Rajive Kumar, IAS, Secretary (Shipping) and Capt. B.B. Sinha, Chairman and Managing Director, Shipping Corporation of India Ltd., at New Delhi. 
•    The MOU is based on the MOU guidelines 2016-17 issued by the Department of Public Enterprises (DPE). It consists of parameters drawn on the prescribed evaluation criteria and factors such as capacity and its expansion, business environment, projects under implementation have been considered. 
•    SCI has set ambitious, growth oriented and apparitional targets against these parameters keeping its growth plans and objectives in view. These are also in line with the vision of the Ministry of Shipping and the Government of India to escalate the growth for the Maritime sector in India. 
•    The MoU will be periodically reviewed by the Ministry and the performance of the PSU would be evaluated and ratings awarded at the end of the financial year. 
•    Despite unfavourable market conditions and down turn being faced by the shipping industry in general, the SCI has taken proactive measures for sustained growth in these challenging times including costs-saving and has reported a consolidated net profit of Rs.389.4 crores for the financial year 2015-16.

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