IRCON International Limited (IRCON) and RITES Limited (RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, have been announced as 15th and 16th Navratna respectively among CPSEs. The Ministry of Finance conferred ‘Navratna’ status to RITES and IRCON.
- Entering its 50th year of incorporation, RITES Ltd. is a leading transport infrastructure consultancy and engineering firm in India. It provides services in the diverse sectors of transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management.
- The award of Navratna status will enable RITES to further nurture its brand, compete more effectively in the global market and pursue new frontiers more aggressively for growth.
- The core competence of IRCON in 47th years is in Railways, Highways & Extra High Tension substation engineering and Construction. The company has executed projects operated in the areas of Railway construction including ballast less track, electrification, tunnelling, signal & telecommunication as well as leasing of locos, construction of roads, highways, commercial, industrial & residential buildings and complexes, airport runway and hangars, metro and mass rapid transit system, etc.
- IRCON has widespread operations in several states in India and other countries. The company has posted a consolidated annual turnover of Rs.10,750 crore and Profit after Tax of Rs.765 crore and an Annual Turnover of Rs.10,262 Crore and Net Profit of Rs.777 Crore in the Financial Year 2022-23.
With the grant of “Navratna” status, the companies should benefit in enhancing the market credibility and in undertaking larger size PPP projects.
The continuation of Navratna status is subject to continued fulfilment of Navratna criteria and conditions and review of the performance relating to Navratna status prescribed in this regard by this Department from time to time.
Source: PIB- Press Release | Image Credit (representational): RITES Limited , IRCON