New Delhi: Shipping Corporation of India Limited (SCI), a Navratna PSU under the Ministry of Shipping, has appointed Lawrence Cajetan Serrao as Chief Financial Officer (CFO) and Key Managerial Personnel of the company on Wednesday. The decision came after the board meeting of the company, which was held on February 4. Prior to this appointment, he was serving as Finance Controller (FC) and General Manager in charge of Corporate Accounts and Budget in the same organisation. The information was shared by the shipping PSU in a regulatory filing to the stock exchange on Wednesday.
Serrao is a graduate (bachelor of commerce) from Mumbai University and a Chartered Accountant (CA). He is a rank holder and associate member of the Institute of Chartered Accountants of India (ICAI). He has a long association with SCI of about 32 years. He joined SCI in 1988. He has worked in various departments in Finance Division since he joined SCI. He also held the post of Director (Finance) from 2004-2008 in Irano Hind Shipping Company Limited, a joint venture of SCI. He also has, to his credit, high professional exposure of more than 3 decades in finance, banking and agents accounting.
The Shipping Corporation of India (SCI) is a Navratna PSU with its headquarters in Mumbai. The company operates and manages vessels that service both national and international lines. The company was established on October 2, 1961, by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation. Two more shipping companies, Jayanti Shipping Company and Mogul Lines Limited, were merged with SCI in 1973 and 1986 respectively. SCI started out with 19 vessels. It gradually metamorphosed into a conglomerate having 80 ships of 5.9 million tonnes deadweight (DWT) with interests in different segments of the shipping trade.