Biz Updates: IRCTC and IRFC will be able to invest up to Rs 1,000 crore without the Centre’s approval, got Navratna status
New Delhi| The Central Government granted Navratna company status to two major companies of the railway sector, Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC).
The Department of Public Undertakings (DPE) reported that the number of Navratna companies in the country has now increased to 26. IRCTC became the 25th company to be included in this list, while IRFC became the 26th company. After attaining Navratna status, companies will be more financially empowered and autonomous. Railway Minister Ashwini Vaishnav congratulated both the companies on social media on this achievement. IRCTC is a public undertaking under the Ministry of Railways, which generated a turnover of Rs 4,270.18 crore in the financial year 2023-24. It has recorded a net profit of Rs 1,111.26 crore and a total net worth of Rs 3,229.97 crore. At the same time, IRFC has a turnover of Rs 26,644 crore in the same period.
BHEL, CCI and HAL included
The Central Government has divided public sector undertakings into three categories. The first category is Maharatna, the second is Navratna and the third is Miniratna. Its objective is to make the economic condition of companies better and competitive. Currently the major Navratna companies in the country include Bharat Electronics Ltd., Container Corporation of India, Hindustan Aeronautics Ltd., NMDC, RITES, INCON, Mazagon Dock Shipbuilders and ONGC Videsh Ltd.
