Centre grants Navratna status to IRCTC, IRFC
Delhi Delhi: The Central government has granted Navratna status to two companies – Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), the Department of Public Enterprises said in a post on X. With the latest addition, the country now has 26 Navratna companies.
IRCTC is a CPSE of the Ministry of Railways with an annual turnover of Rs 4270.18 crore, profit after tax of Rs 1,111.26 crore and net worth of Rs 3,229.97 crore for the financial year 2023-24. Similarly, IRFC is a CPSE of the Ministry of Railways with an annual turnover of Rs 26,644 crore, profit after tax of Rs 6,412 crore and net worth of Rs 49,178 crore for the financial year 2023-24.
Grant of ‘Navratna’ status generally leads to greater devolution of powers, greater operational freedom and financial autonomy, thereby providing a tremendous boost to these companies. Navratna companies have autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.
Other Navratna companies include Bharat Electronics Limited, Container Corporation of India Limited, Engineers India Limited, Hindustan Aeronautics Limited, Mahanagar Telephone Nigam Limited, National Aluminium Company Limited, National Building Construction Corporation Limited, Neyveli Lignite Corporation Limited, NMDC Limited, Rashtriya Ispat Nigam Limited, Shipping Corporation of India Limited, Rail Vikas Nigam Limited, ONGC Videsh Limited, Rashtriya Chemicals and Fertilizers Limited, IRCON, RITES, National Fertilizers Limited, Central Warehousing Corporation, Housing and Urban Development Corporation Limited, Indian Renewable Energy Development Agency Limited and Mazagon Dock Shipbuilders Limited.
