FM Nirmala Sitharaman grants 'Navratna' status to four CPSEs
ECONOMY & POLICY

FM Nirmala Sitharaman grants 'Navratna' status to four CPSEs

On August 30, 2024, Union Finance Minister Nirmala Sitharaman approved the elevation of four Central Public Sector Enterprises (CPSEs) to 'Navratna' status. The companies granted these statuses are Railtel Corporation of India, Solar Energy Corporation of India (SECI), Satluj Jal Vidyut Nigam (SJVN), and National Hydroelectric Power Corporation (NHPC), bringing the total number of Navratna CPSEs in India to 25.

SECI, a leader in renewable energy development, celebrated its 13th anniversary with this recognition. The company has a cumulative awarded capacity of 69.25 gigawatts (GW) and an annual power trading volume exceeding 42 billion units. SECI also reported a consolidated annual turnover of Rs 131.18 billion for FY 2023-24, a 20.85% increase from the previous year, and a Profit After Tax (PAT) of Rs 5.10 billion, marking a 34.89% growth. The Navratna status will provide SECI with greater financial and operational autonomy, enhancing its growth through improved agility, geographical expansion, and technological focus.

The Department of Public Enterprises (DPE) highlighted Railtel's annual turnover of Rs 26.22 billion and a net profit of Rs 2.46 billion for FY 2023-24. With its new status, Railtel becomes the 23rd Navratna CPSE.

NHPC, another CPSE under the Ministry of Power, reported an annual turnover of Rs 84.05 billion and a net profit of Rs 37.44 billion for FY 2023-24. Meanwhile, SJVN, also under the Ministry of Power, achieved an annual turnover of Rs 28.33 billion and a net profit of Rs 9.08 billion for the same period.

To qualify for Navratna status, a CPSE must be a Miniratna I, Schedule 'A' company with 'excellent' or 'very good' MOU ratings in three of the last five years and must score 60 or above in six selected performance indicators. The Navratna scheme, introduced in 1997, aims to identify and support CPSEs with the potential to become global giants by granting them greater autonomy in areas like capital expenditure, investments, mergers and acquisitions, and human resources management. (Business Standard)

On August 30, 2024, Union Finance Minister Nirmala Sitharaman approved the elevation of four Central Public Sector Enterprises (CPSEs) to 'Navratna' status. The companies granted these statuses are Railtel Corporation of India, Solar Energy Corporation of India (SECI), Satluj Jal Vidyut Nigam (SJVN), and National Hydroelectric Power Corporation (NHPC), bringing the total number of Navratna CPSEs in India to 25. SECI, a leader in renewable energy development, celebrated its 13th anniversary with this recognition. The company has a cumulative awarded capacity of 69.25 gigawatts (GW) and an annual power trading volume exceeding 42 billion units. SECI also reported a consolidated annual turnover of Rs 131.18 billion for FY 2023-24, a 20.85% increase from the previous year, and a Profit After Tax (PAT) of Rs 5.10 billion, marking a 34.89% growth. The Navratna status will provide SECI with greater financial and operational autonomy, enhancing its growth through improved agility, geographical expansion, and technological focus. The Department of Public Enterprises (DPE) highlighted Railtel's annual turnover of Rs 26.22 billion and a net profit of Rs 2.46 billion for FY 2023-24. With its new status, Railtel becomes the 23rd Navratna CPSE. NHPC, another CPSE under the Ministry of Power, reported an annual turnover of Rs 84.05 billion and a net profit of Rs 37.44 billion for FY 2023-24. Meanwhile, SJVN, also under the Ministry of Power, achieved an annual turnover of Rs 28.33 billion and a net profit of Rs 9.08 billion for the same period. To qualify for Navratna status, a CPSE must be a Miniratna I, Schedule 'A' company with 'excellent' or 'very good' MOU ratings in three of the last five years and must score 60 or above in six selected performance indicators. The Navratna scheme, introduced in 1997, aims to identify and support CPSEs with the potential to become global giants by granting them greater autonomy in areas like capital expenditure, investments, mergers and acquisitions, and human resources management. (Business Standard)

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?