Centre grants Navratna status to IRCTC, IRFC

New Delhi [India], March 3 (ANI): The central government has granted Navratna status to two companies — Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), Department of Public Enterprises said in posts on X.

With the latest addition, the country now has 26 Navratna companies.

IRCTC is a Ministry of Railways CPSE with an annual turnover of Rs 4270.18 crore, a profit after tax of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore for the financial year 2023-24.

Similarly, IRFC is a Ministry of Railways CPSE 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.

The grant of ‘Navratna’ status typically leads to an enhanced delegation of powers, more operational freedom, and financial autonomy, which gives these companies tremendous impetus.

The Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.

Some of the other Navratna companies are Bharat Electronics Limited, Container Corporation of India Limited, Engineers India Limited, Hindustan Aeronautics Limited, Mahanagar Telephone Nigam Limited, National Aluminium Company Limited, National Buildings Construction Corporation Limited, Neyveli Lignite Corporation Limited, NMDC Limited, Rashtriya Ispat Nigam Limited, Shipping Corporation of India Limited, Rail Vikas Nigam Limited, ONGC Videsh Ltd, 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.

The Department of Public Enterprises (DPE) is the nodal department for all the Central Public Sector Enterprises (CPSEs) and formulates policy about CPSEs.