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Finance Minister Nirmala Sitharaman on Friday accorded ‘Navratna’ status to four Central Public Sector Enterprises (CPSEs) including NHPC and Solar Energy Corporation.
With this, the number of Navratna CPSEs has surged to 25. Navratna status provides more financial autonomy to the entities.
In a series of tweets, Public Enterprises Department said that Railtel Corporation of India (RCIL) will be the 22nd Navratna. RCIL is a CPSE under the Ministry of Railways. It registered a turnover of ₹2,622 crore and net profit of ₹246 crore for FY24. Similarly, Solar Energy Corporation of India (SECI) Ltd will be the 23rdNavratna. Its annual turnover was ₹13,035 crore and net profit of ₹436 crore for FY24.
“Classification as a Navratna CPSE enables SECI towards enhanced autonomy in financial and operational matters and will accelerate the company’s growth path through better agility, improved geographical presence and technology focus. This is yet another marker of the Government’s focus on India’s transition towards sustainable energy,” Ministry of New and Renewal Energy said in a statement.
National Hydroelectric Power Corporation (NHPC) will be the 24th Navratna. The company is under Power Ministry with an annual turnover of ₹8,405 crore and net-profit of ₹3,744 crore for FY24. Satluj Jal Vidyut Nigam Ltd will be the 25th Navratna. Its annual turnover was ₹2,833 crore and net profit of ₹908 crore for FY24.
No monetary ceiling
The powers presently delegated to the Boards of Navratna PSUs include the capacity to incur capital expenditure on purchase of new items or for replacement, without any monetary ceiling. They can enter into technology joint ventures or strategic alliances. They can go for organisational restructuring including establishment of profit centres, opening of offices in India and abroad, creating new activity centres, and so on.
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