IRCTC, IRFC Receive 'Navratna' Status
'Navratna' status is granted to CPSEs that meet specific financial and operational criteria, allowing them greater autonomy in investment and decision-making.
The government on Monday upgraded Indian Railway Catering and Tourism Corporation Ltd. and Indian Railway Finance Corporation Ltd. to Navratna central public sector enterprises. IRCTC becomes the 25th Navratna, while IRFC is the 26th.
IRCTC, under the Ministry of Railways, reported an annual turnover of Rs 4,270.18 crore, a net profit of Rs 1,111.26 crore, and a net worth of Rs 3,229.97 crore in the financial year ending March 2024. IRFC, also under the Ministry of Railways, recorded a turnover of Rs 26,644 crore, a net profit of Rs 6,412 crore, and a net worth of Rs 49,178 crore in the same period, the Department of Public Enterprises said in two separate posts on the social media platform X.
Navratna status is granted to CPSEs that meet specific financial and operational criteria, allowing them greater autonomy in investment and decision-making. Navratna companies can invest up to Rs 1,000 crore, or 15% of their net worth, on a single project without government approval, with an overall investment cap of 30% of net worth in a financial year.
With this upgrade, IRCTC and IRFC join other Navratna CPSEs, including Bharat Electronics Ltd., Container Corporation of India, Hindustan Aeronautics Ltd., Oil India Ltd., among others.
Previously in September Satluj Jal Vidyut Nigam Ltd., National Hydroelectric Power Corp., Solar Energy Corp., and RailTel Corp were elevated to 'Navratna' status. In July July 2024, Mazagon Dock Shipbuilders Ltd., was added to the group of Navratna companies.
