- IRCTC and IRFC have been given Navaratna status by the Centre.
- On March 3, Navratna status has been granted to two public sector companies—Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) by the central government.
- The elevation of IRCTC and IRFC to Navratna CPSEs has been approved by the government, making them the 25th and 26th ‘Navratnas’ among Central Public Sector Enterprises (CPSEs).
- With the inclusion of the latest companies, the number of Navaratna companies in the country has reached 26.
- IRCTC and IRFC are a Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
- In the financial year 2023-24, IRCTC recorded an annual turnover of Rs 4,270.18 crore along with a profit after tax of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore.
- Similarly, in FY 2023-24, IRFC reported an annual turnover of Rs 26,644 crore, a profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore.
- Of the 12 railway CPSEs, Concor, RVNL, IRCON, RITES, and RailTel were classified as Navratna companies earlier.
- Since 2014, all seven listed railway CPSEs have been upgraded to Navratna status, with Concor being the first to join the list in July 2014.
Navratna status
- The Government of India grants Navratna status to top-ranked public sector undertakings (PSUs).
- This status allows organisations to make large investments of up to Rs 1,000 crore without approval from the Centre.
- These companies have the freedom to invest up to 30% of their total assets within a year, provided it is less than ₹1,000 crore.
- They can also form joint ventures, tie-ups, and set up subsidiaries abroad.
- For a company to be granted Navratna status, it must already have Miniratna Category I status and be listed under Schedule A of CPSEs.