Daily News Analysis » May 2024 » IREDA became the 17th Navratna of India: 1 May 2024

IREDA became the 17th Navratna of India: 1 May 2024

Why in news?

  • Recently, IREDA (Indian Renewable Energy Development Agency), was conferred with Navratna status by the Department of Public Enterprises (Ministry of Finance). 

 

About IREDA:

  • 1987: Establishment Year.
    •  Administratively controlled by the Ministry of New and Renewable Energy (MNRE).
  • Objective:
  • Financing renewable energy projects and setting up solar manufacturing units.
  • Encourage the use of renewable energy to foster sustainable growth.    

About Navratna Company:

    • A group of public-sector companies known as “Navaratna Companies” can make investments up to Rs. 1000 crores without the central government’s permission. 
    • Nine Public Sector Enterprises (PSEs) were initially granted the Navratna designation in 1997. 
  • Criteria to get Navratna Status:
    • it must report a net profit of more than Rs 5,000 crore for three consecutive years and 
    • maintain an average annual turnover of Rs 25,000 crore for three years or
  • have an annual average net worth of over Rs 15,000 crore for three years. 
  • However, they need approval from the Cabinet Committee on Economic Affairs (CCEA) to make investments abroad.  
  • To get Navratna status, the PSU should be a Miniratna-I, a Schedule A company, and should have obtained an excellent or very good MoU rating in three of the last five years.   

List of Navratna Companies in India 2024

S.No

Company Name

1

Bharat Electronics Limited (BEL)

2

Container Corporation of India Limited (CONCOR)

3

Engineers India Limited (EIL)

4

Hindustan Aeronautics Limited (HAL)

5

Mahanagar Telephone Nigam Limited (MTNL)

6

National Aluminium Company Limited (NALCO)

7

National Buildings Construction Corporation Limited (NBCC)

8

Neyveli Lignite Corporation Limited (NLC India)

9

National Mineral Development Corporation Limited (NMDC)

10

Rashtriya Ispat Nigam Limited (RINL)

11

Shipping Corporation of India Limited (SCI)

12

Rail Vikas Nigam Limited (RVNL)

13

ONGC Videsh Ltd (OVL)

14

Rashtriya Chemicals & Fertilizers Limited (RCF)

15

IRCON International Limited

16

RITES Limited