18th public sector undertaking of the country

• The Department of Public Enterprises conferred "Navratna" status to Mazagon Dock Shipbuilders.

• Mazagon Dock Shipbuilders has become the 18th PSU in the country to get this status.

• With this, Mazagon Dock Engineers India has joined companies like CONCOR, Bharat Electronics, Hindustan Aeronautics, RCF, NALCO, NMDC, RVNL, IRCON and IREDA.

• Being a Navratna company, Mazagon Dock does not require the approval of the central government for investments up to Rs 1,000 crore.

• These companies also have the freedom to invest up to 30% of their total assets within a year, provided it remains within Rs 1,000 crore.

• Navratna companies are also allowed to form joint ventures, alliances and set up subsidiaries abroad.

• To become a Navratna company, the PSU must first be a Miniratna company.