Mumbai: The Indian Renewable Energy Development Agency Limited (IREDA) recently announced their achievement of the ‘Navratna Status’, granted by the Department of Public Enterprises (DPE) through a letter on April 26, 2024. IREDA publicly announced their status through a BSE exchange filing on the same day.
The IREDA, like other Navratna companies, is a public sector undertaking (PSU) with sturdy financials that allow them to invest up to Rs 1000 crore without the approval of the central government. Hindustan Aeronautics Limited, Bharat Electronics Limited, and Rail Vikas Nigam Limited are some Navratna companies that hold this autonomy.
Through this status, the IREDA has gained significant operational freedom, and upon meeting certain criteria the company can upgrade to Maharatna status in the near future.
