The Ministry of Finance upgrades the position of Rail Vikas Nigam Limited (RVNL) to ‘Navratna CPSE’. This came into effect today i.e. April 27 2023. This adds up to a total of 13 companies that have been granted Navratna status.
As per official reports, the company announced that the Hon’ble Finance Minister, Nirmala Sitharaman accepted the status of Navratna CPSE given to RVNL. With this, RVNL will become the 13th Navratna among the available list of CPSEs. This organisation comes under the Ministry of Railways and undertakes several development projects. It has an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the session 2021 to 2022.
On April 26, 2023 (Wednesday) it was witnessed that Hrti Private Limited purchased 709,438 RVNL shares at Rs 107.44 per piece. In addition to this, Xtx Markets Llp buys 112,068 RVNL shares at a cost of Rs 107.22 each.
Standing strong on 3 pillars of Quality, Speed & Transparency, RVNL is growing Onwards and Upwards!!
— Rail Vikas Nigam Limited (@RailVikas) April 26, 2023
Thankyou @RailMinIndia @DPE_GoI & @FinMinIndia
for granting ‘Navratna’ status to RVNL.
We are exhilarated & look forward to exciting times with our stakeholders. #ExcellentRVNL https://t.co/Oc2UFHIM1M pic.twitter.com/W6HHLJ2GWr
What are Navratna Companies?
Navratna Companies are a group of firms that are considered CPSE (Central Public Sector Enterprises) units. Such businesses are given an allowance to invest up to Rs 1,000 crore without official permission from the central government.
Hon'ble Finance Minister has approved the upgradation of RVNL to Navratna CPSE. RVNL will be the 13th Navratna amongst the CPSEs. RVNL is a Ministry of Railways CPSE with an annual turnover of Rs 19381 crores and net profit of Rs 1087 crores for the years 2021-22. @RailVikas
— Department of Public Enterprises (@DPE_GoI) April 26, 2023
According to the Indian government, CPSEs are categorized under 3 groupings such as Navratna, Miniratna and Maharatna Companies. The financial freedom granted to Navratna Companies helps them in competing at a global level.
Moreover, upon accomplishing the necessary eligibility criteria, a Navratna company can become a Maharatna company.
13 Navratna CPSEs
Given below is the complete list of 13 companies that comes in the class of Navratna Central Public Sector Enterprises:-
- Bharat Electronics Limited
- Container Corporation of India Limited
- Engineers India Limited
- Hindustan Aeronautics Limited
- Mahanagar Telephone Nigam Limited
- National Aluminium Company Limited
- National Buildings Construction Corporation Limited
- Neyveli Lignite Corporation Limited
- NMDC Limited
- Oil India Limited
- Rashtriya Ispat Nigam Limited
- Shipping Corporation of India Limited
- Rail Vikas Nigam
Capital Expenditure for Railway Sector
Various analysts are of the view that the mega push underway in Rail Capex will be highly beneficial to the entire industrial value chain in the present decade. Powerful industrial capital investment and modern areas such as data centres, EV ecosystems, metros, wastewater management, defence and smart infra, warehouse and logistics will continue to stimulate order inflows in low and medium-voltage T&D products as well as equipment manufacturers.
Also Read: ICC WTC 2023: Cricket Board Selects 15-Member Indian Team for Finals, Ajinkya Rahane Comes Back
Comments
All Comments (0)
Join the conversation