IRCON and RITES are India’s 15th and 16th Navratna CPSEs

In a significant development, two prominent Central Public Sector Enterprises (CPSEs) under the Ministry of Railways, namely Ircon International Limited (IRCON) and RITES Ltd (RITES), have been accorded the prestigious “Navratna” status by the Ministry of Finance. This recognition positions IRCON and RITES as the 15th and 16th Navratna CPSEs, respectively.

IRCON & RITES CPSEs as Navratna

RITES Ltd: Transforming Transport Infrastructure

Celebrating its 50th year of incorporation, RITES Ltd has emerged as a frontrunner in the Indian transport infrastructure consultancy and engineering sector. The company offers a wide spectrum of services across various domains, including transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management. The “Navratna” status is expected to bolster RITES’ brand identity and enable it to compete more effectively in the global market while aggressively pursuing new growth opportunities.

IRCON International Limited: Excellence in Railways and Infrastructure

IRCON International Limited, with 47 years of excellence in its domain, specializes in railways, highways, and extra high-tension substation engineering and construction. The company has an impressive track record of executing projects in diverse areas, such as railway construction encompassing ballast-less track, electrification, tunneling, signaling & telecommunication, leasing of locomotives, road construction, highway development, commercial and industrial structures, airport infrastructure including runways and hangars, metro systems, and mass rapid transit systems. Notably, IRCON has a significant operational footprint across various states in India and internationally. In the financial year 2022-23, IRCON achieved a consolidated annual turnover of Rs. 10,750 crores with a Profit after Tax of Rs. 765 crores.

Unlocking Opportunities with “Navratna” Status– RITES & IRCON

The conferral of “Navratna” status is expected to provide IRCON and RITES with a distinct advantage by enhancing their market credibility. Additionally, it opens up opportunities for undertaking larger Public-Private Partnership (PPP) projects, further reinforcing their contributions to India’s infrastructure development and transportation sectors.

List of Maharatna and Navratna PSUs

Maharatna CPSEs

1. Oil and Natural Gas Corporation (ONGC)
2. Bharat Heavy Electricals Limited (BHEL)
3. Bharat Petroleum Corporation Limited (BPCL)
4. Coal India Limited (CIL)
5. Gas Authority of India Limited (GAIL)
6. Hindustan Petroleum Corporation Limited (HPCL)
7. Indian Oil Corporation Limited (IOCL)
8. National Thermal Power Corporation (NTPC)
9. Power Grid Corporation of India (PGCIL)
10. Power Finance Corporation Limited (PFCL)
11. Rural Electrification Corporation Limited (REC)
12. Steel Authority of India Limited (SAIL)
13. Oil India Limited (OIL)
    

Navratna CPSEs

1. Bharat Electronics Limited (BEL)
2. Container Corporation of India (CONCOR)
3. Engineers India Limited (EIL)
4. Hindustan Aeronautics Limited (HAL)
5. Mahanagar Telephone Nigam Limited (MTNL)
6. National Aluminium Company (NALCO)
7. National Buildings Construction Corporation (NBCC)
8. National Mineral Development Corporation (NMDC)
9. NLC India Limited (Neyveli Lignite)
10. Rashtriya Ispat Nigam Limited (RINL)
11. Shipping Corporation of India (SCI)
12. Rail Vikas Nigam Limited (RVNL)
13. ONGC Videsh Limited
14. Rashtriya Chemicals and Fertilizers Limited (RCF)

Latest addition to Navratna PSU list

• Ircon International Limited (IRCON)
• RITES Ltd (RITES)