Navratna will be made soon four more PSUs

Ahmedabad: The Union Finance Ministry is considering increasing the status of four Central Public Sector Enterprises (CPSE) from mini gems to Navratna in the next few months. Sources said that these companies include Cochin Shipyard, Goa Shipyard, Garden Reach Shipbuilders and MOIL.

The Navratna scheme was launched in the year 1997. The scheme aims to identify high -profit government enterprises and make them global veterans. Under this scheme, boards of Navratna government enterprises have been given more powers with capital expenditure, investment, merger and acquisition in joint enterprises/subsidiaries and autonomy in areas such as human resources.

The old name of Moyal Limited is Manganese Ore (India) Limited. The headquarters of this government company is in Nagpur, Maharashtra. It was established in 1962 and is the largest producer of manganese ore in India. The company was listed on the stock exchange in November 2010.

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Garden Reach Shipbuilders and Engineers were established in 1884 and in 1960 it was acquired by the Government of India. The company is known for its warships and supporting ships for the Indian Navy and Coast Guard. The company was listed on the stock exchange in September 2018. The Cochin Shipyard is headquartered in Cochin, Kerala and was established in 1972. It is a famous Indian shipbuilding and maintenance company. The company’s IPO was released in August 2017.

The Goa Shipyard was established in 1967 and works under the Ministry of Defense. It is a public undertaking in the defense sector in Vasco da Gama, Goa. It is a non-listed government enterprise.