New Delhi: Two PSUs operating under the Ministry of Railways - RITES Ltd and IRCON - have been granted Navratna status. These Central Public Sector Enterprises (CPSEs) have received this prestigious recognition from the Ministry of Finance.
RITES Ltd, celebrating its 50th year of incorporation, is a leading consultancy and engineering firm specializing in transport infrastructure. Their expertise spans various sectors, including transportation, railways, export of rolling stock, highways, airports, metros, urban engineering and sustainability, ports & waterways and energy management. The Navratna status will empower RITES to strengthen its brand presence, compete more effectively in the global market and explore new avenues for growth.
IRCON International Limited (IRCON), with 47 years of dedicated service, excels in railway, highway and extra high-tension substation engineering and construction. Their diverse projects encompass railway construction, electrification, tunnelling, signal & telecommunication, leasing of locomotives, road construction, highways, commercial, industrial and residential buildings, airport runways and hangars, metro systems and mass rapid transit systems, among others.
IRCON's vast operations extend across various states of the country and abroad, with a consolidated annual turnover of Rs 10,750 crore and a profit after tax of Rs 765 crore in the financial year 2022-23.
The 'Navratna' status accorded to these companies is expected to further enhance their market credibility and facilitate their participation in larger-sized PPP projects, marking a significant step in their growth and development trajectory.
