CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: The Central Government has granted Navratna status to Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), making them the 25th and 26th Navratna companies, respectively. Previously, both entities were recognized as Miniratna companies.
IRCTC:
This Central Public Sector Enterprise (CPSE) under the Ministry of Railways recorded an annual turnover of ₹4,270.18 crore, a net profit (PAT) of ₹1,111.26 crore, and net assets worth ₹3,229.97 crore for the financial year 2023-24.
IRFC:
Playing a crucial role in meeting the financial needs of Indian Railways, IRFC reported an annual turnover of ₹26,644 crore, a net profit of ₹6,412 crore, and net assets worth ₹49,178 crore in the financial year 2023-24.
Significance of Navratna Status:
With the Navratna designation, these companies will gain greater financial and operational autonomy, allowing them to invest up to ₹1,000 crore or 15% of their net worth without government approval. This status also grants them increased independence in forming joint ventures and establishing foreign offices, enabling market expansion and service enhancement.
Union Railway Minister Ashwini Vaishnaw congratulated the teams of IRCTC and IRFC on this achievement, reinforcing the commitment to reform and growth in the railway sector.
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