FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs

Union Finance Minister Nirmala Sitharaman on Friday approved the upgradation of four Central Public Sector Enterprises (CPSEs), including Railtel Corporation of India, Solar Energy Corporation of India, Satluj Jal Vidyut Nigam, and National Hydroelectric Power Corporation, to a Navratna status. This takes the total number of Navratna CPSEs in India to 25. Completing its 13 years of incorporation, SECI is a leading CPSE dedicated to the development and expansion of renewable energy (RE) capacity in India, with a cumulative generation awarded capacity of 69.25 gigawatt (GW) and an annual power trading volume upwards of 42 billion units. SECI is the foremost Renewable Energy Implementing Agency (REIA) of India, continuously working towards fulfilling climate goals and striving for sustainable development. The company has posted a consolidated annual turnover of Rs 13,118.68 crore, registering an increase of 20.85 per cent over the previous year, and a Profit After Tax (PAT) of Rs 510.92 crore, registering a growth of 34.89 per cent in the financial year 2023-24. “Classification as a Navratna CPSE enables SECI towards enhanced autonomy in financial and operational matters and will accelerate the company’s growth path through better agility, improved geographical presence, and technology focus,” said the finance ministry statement.