Ircon International Ltd. was granted the status of a 'Navratna' by the Department of Public Enterprises on Thursday.
Ircon is the 15th central public sector enterprise to receive the status of a 'Navratna', according to an exchange filing.
Ircon is a CPSE under the Ministry of Railways, with an annual consolidated turnover of Rs 10,750 crore and a net profit of Rs 765 crore for FY23, it said.
CPSE are categorised into 'Maharatna', 'Navratna', and 'Miniratnas.'
When given the status of 'Navratna,' CPSEs have a comparative advantage over other companies as they have been granted financial independence to invest up to Rs 1,000 crore without seeking approval from the Union government.
The board of the 'Navratna' companies has autonomy to incur capital expenditure on the purchase of new items or for replacement without any monetary ceiling and to enter into technology joint ventures or strategic alliances, among others.
Current CPSEs With 'Navratna' Status
Bharat Electronics Ltd.
Container Corp. of India Ltd.
Engineers India Ltd.
Hindustan Aeronautics Ltd.
Mahanagar Telephone Nigam Ltd.
National Aluminium Co.
National Buildings Construction Corp.
NLC India Ltd.
NMDC Ltd.
Rashtriya Ispat Nigam Ltd.
Shipping Corp. of India Ltd.
Rail Vikas Nigam Ltd.
ONGC Videsh Ltd.
Rashtriya Chemicals and Fertilizers Ltd.
Shares of Ircon closed 0.80% lower at Rs 135.85 apiece on the BSE as compared with a 0.10% decline in the benchmark Sensex.
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