New Delhi, August 30, 2024: In a significant recognition of their financial and operational excellence, NHPC Limited and SJVN Limited have both been accorded the prestigious ‘Navratna’ status by the Government of India. This accolade, conferred by the Department of Public Enterprises under the Ministry of Finance, provides these companies with greater operational and financial autonomy, allowing them to accelerate their growth trajectories and expand their contributions to India’s energy sector.
NHPC Limited: A Historic Achievement
NHPC Limited, a leading player in the Indian power sector, received its Navratna status in recognition of its outstanding performance in harnessing the hydropower potential of the country. Commenting on this milestone, Shri R.K. Chaudhary, Chairman and Managing Director of NHPC, described the achievement as a “historic moment” for the company, highlighting the trust and support from the Ministry of Power that made this possible. Shri Chaudhary emphasized NHPC’s role as a complete green power company, with diversification into wind and solar energy sectors.
The Navratna status will significantly enhance NHPC’s decision-making capabilities, increase operational efficiency, and empower employees. It will also support major capital expenditure and investment plans, drive growth, expand market reach, and help the company achieve long-term gains. Additionally, NHPC will now have enhanced powers to establish joint ventures, access new markets, and foster technological innovation.
NHPC currently boasts an installed capacity of 7,144.20 MW, with projects under construction amounting to 10,442.70 MW, including major projects like the 2,000 MW Subansiri Lower and the 2,880 MW Dibang Multi-purpose project. The company is ambitiously working towards achieving an installed capacity of 23,000 MW by 2032 and 50,000 MW by 2047.
SJVN Limited: A Milestone in a 36-Year Journey
SJVN Limited, another significant player in India’s power sector, was also conferred with the Navratna status, making it the 25th Central Public Sector Enterprise (CPSE) in India to receive this honor. Shri Sushil Sharma, Chairman and Managing Director of SJVN, expressed his heartfelt gratitude for the visionary leadership of Prime Minister Shri Narendra Modi and the continuous support from Finance Minister Smt. Nirmala Sitharaman and Power Minister Shri Manohar Lal.
The Navratna status will provide SJVN with greater financial and operational freedom, allowing the company to make investments without any financial ceiling and further its business interests to contribute to India’s energy security. The status also enables SJVN to invest up to 30% of its net worth annually, form joint ventures, set up overseas subsidiaries, and undertake organizational restructuring to optimize its operations.
SJVN, which was accorded Miniratna status in 2008, now has a project portfolio of 56,802.4 MW, with 13 projects totaling 2,466.5 MW of installed capacity under operation and 75 projects in various stages of implementation across hydro, solar, wind, thermal, and transmission lines. Established in 1988 as a joint venture between the Government of India and the Government of Himachal Pradesh, SJVN has grown into a multi-faceted power entity with operations extending to India and Nepal.
A New Era of Growth and Autonomy
The conferral of Navratna status on both NHPC and SJVN marks the beginning of a new era of growth and autonomy for these power giants. With enhanced powers and greater financial independence, both companies are poised to play a pivotal role in achieving India’s ambitious renewable energy goals, contributing significantly to the nation’s energy security and the broader vision of Aatmanirbhar Bharat.
Also Read | Indian Navy and BEML Ltd. join forces to drive indigenisation of marine equipment and systems