Indian Railways’ PSUs, RITES Ltd and IRCON granted Navratna status

Ircon International Limited (IRCON) and RITES Ltd(RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, have been announced as 15th and 16thNavratna respectively among CPSEs. The Ministry of Finance on Thursday conferred ‘Navratna’ status on 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.10,750crore and Profit after Tax of Rs.765 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.