Railtel Corporation of IndiaSatluj Jal Vidyut Nigam, National Hydroelectric Power Corp. and Solar Energy Corporation of India Ltd have been upgraded to Navratna status, the public enterprises department of the finance ministry announced on Friday.
These companies join the ranks of ONGC Videsh Ltd, Shipping Corp. of India Ltd and Hindustan Aeronautics Ltd among India’s top-tier central public sector undertakings, taking the total count of Navratna entities to 25.
Navratna status is granted to government-owned companies that were earlier under ‘miniratna’ category I status based on their financial and market performance.
Navratna status gives public sector companies greater autonomy, allowing them to invest up to 30% of their net worth in a year, with a limit of ₹1,000 crore and allocate investments of up to ₹1,000 crore for projects without government approvals.
They may also form joint ventures or alliances and establish subsidiaries abroad.
The National Hydroelectric Power Corporation, a public sector company under the Union Ministry of Power, reported an annual turnover of ₹8,405 crores and a net profit of ₹3,744 crore for the fiscal year 2023-24. Satluj Jal Vidyut Nigam, also under the same ministry, had a turnover of Rs. ₹2,833 crores and a profit of ₹908 crores.
The Solar Energy Corporation of India, under the Ministry of Renewable Energy, recorded an annual turnover of ₹13,035 crores with a net profit of ₹436 crore in FY24. Railtel, which comes under the Ministry of Railways, had an annual turnover of ₹2,622 crores and a profit of ₹246 crores.
The government recently granted Navratna status to India’s Renewable Energy Development Agency Ltd., which began trading on Indian stock exchanges in November. The company’s shares have doubled in value since their initial public offering, but closed 5% lower on the London Stock Exchange on Friday. ₹241.95 per share.
Railtel closed on Friday practically unchanged in ₹490.80 per share, while the BSE’s Sensex index rose 0.28 per cent, or 231.16 points, to 82,365.77.
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