New Delhi: The Government of India has granted Navratna status to Indian Railway Construction (IRCON) International Limited and Rail India Technical and Economic Service (RITES) Ltd, with the official announcement made recently. These two enterprises, operating under the Ministry of Railways, now have the authority to invest up to Rs. 1,000 crore without the requirement of government’s approval.
This development increases the total count of Navratna companies to 16. Other public sector units (PSUs) that hold Navratna status include Bharat Electronics, MTNL, NALCO, NBCC, NLC India, Oil India, PFC, Rashtriya Ispat Nigam, and more. To attain Navratna status, a company must consistently report a net profit exceeding Rs. 5,000 crore for three consecutive years.
IRCON currently lacks a leader following the departure of Yogesh Kumar Mishra, and the process to shortlist candidates for the Chief Managing Director (CMD) position is already underway. On the other hand, Rahul Mithal is currently serving as the CMD of RITES.
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