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Scindia Steam Navigation Co. Ltd.

BSE: 501887 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Scindia Steam Navigation Co. Ltd
NSE 05:30 | 01 Jan Scindia Steam Navigation Co. Ltd

Scindia Steam Navigation Co. Ltd. (SCINDIASTEAM) - Company History

Incorporated in 1919 Scindia Steam Navigation Company was promoted by the late Walchand Hirachand and his associates. Narottam Morarjee & Company was entrusted with the management of the company. Its first ship -- SS Loyalty -sailed on 5 Apr.'19 from Bombay to the UK. Initially it had to face many problems due to the British rule and the monopoly commanded by the British shipping companies. The dawn of Indian freedom meant the advent of prosperity for the Scindia. Due to differences between Walchand Hirachand and Narottam Morarjee's widow Sumati Morarjee Walchand disassociated himself from the company by selling off his entire holdings and the managing agency to the Morarjee family.The company was one of the three biggest Indian shipping companies alongwith Shipping Corporation of India and Indian Steamships till early '80s. It started accumulating cash losses and finally its management changed hands in 1987 with Shipping Credit Investment Corporation of India gaining control. Even after changing hands the company's condition showed no signs of improvement and is still deteriorating. Several attempts by the government to sell the company failed.The company has put on sale its lone bulk carrier (out of its earlier strength of 20) to meet a part of its outstanding dues to the government which stands at Rs 227.08 cr. With the bulk carrier sold it will have very little business to do and will be left out with a fleet of single twin decker as its only vessel. It is working out several packages to meets its various financial commitments. Company has sold the last vessel since then in view of various contraints company could not undertake shipping/shipping related activities. The Eastern Bunkerers Ltd & Scindia Workshop Ltd are two subsidiary of Company.