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

Greaves Electric Mobility Files for IPO

Electric-vehicle manufacturer Greaves Electric Mobility has announced plans to raise Rs 10 billion through an initial public offering (IPO), as stated in its draft papers filed. The company, recognised for its 'Ampere' brand of electric scooters, also produces three-wheelers under a separate brand. Greaves Electric’s major shareholders, Greaves Cotton—a publicly listed entity—and investment firm Abdul Latif Jameel Green Mobility Solutions, will collectively sell approximately 189.4 million shares through the IPO. This move positions Greaves Electric alongside larger competitor Ather En..

Next Story
Infrastructure Energy

IREDA Approves Rs 30 Billion for Odisha's Renewable Energy Projects

Indian Renewable Energy Development Agency (IREDA) has approved funding exceeding Rs 30 billion for renewable energy projects in Odisha as the state strives to achieve its goal of 10 GW capacity by 2030. Pradip Kumar Das, Chairman and Managing Director of IREDA, shared this update during the Odisha Solar Investor Conclave organised by GRIDCO. He emphasised that accessible financing is crucial to fostering the adoption of renewable energy. Das outlined IREDA's significant contributions to funding renewable energy projects in Odisha, spanning sectors such as solar, hydro, ethanol, and renewable..

Next Story
Infrastructure Energy

Oil Prices Rise Amid Light Pre-Christmas Trading

Oil prices edged higher during light trading ahead of the Christmas Day holiday. The increase was attributed to positive US economic data and growing oil demand in India, the third-largest importer of oil globally. Brent crude futures rose by 33 cents, or 0.45 per cent, to reach $72.95 per barrel, while US West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.42 per cent, settling at $69.53 per barrel as of 0114 GMT. Economic indicators in the United States highlighted a surge in new orders for key manufactured capital goods in November, driven by robust demand for machinery. Add..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000