Mazagaon Dock Shipbuilders get Navratna status as 18th PSU

Mazagon Dock Shipbuilders has been granted "Navratna" status by the Department of Public Enterprises, as stated in an exchange filing. It is now the 18th PSU in the country to receive this status.

Mazagon Dock joins other companies like Engineers India, CONCOR, Bharat Electronics, Hindustan Aeronautics, RCF, NALCO, NMDC, RVNL, IRCON, and IREDA in holding this esteemed status.

Now as a Navratna company, Mazagon Dock can undertake investments worth up to Rs 1,000 crore, without needing approval from the central government. These companies also have the liberty to invest up to 30% of their net worth within a year, as long as it remains within Rs 1,000 crore.

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A Navratna company is also allowed to form Joint Ventures, and alliances and establish subsidiaries abroad.

To become a Navratna company, the PSU should first be a Miniratna company. It must also report a net profit of Rs 5,000 crore for three years in a row and must maintain an average annual turnover of over Rs 25,000 crore for three years, or have an average annual net worth of over Rs 15,000 crore for three years.

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The shares of the PSU company are trading in green at Rs 4,220.0, up by 6.12%. The stock is trading at 12.8 times its book value.

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