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 |