New Delhi (12.10.2023): In a fresh strategic move, the NaMo Govt granted Navratna status to key PSUs under the administrative control of Ministry of Railways namely -- Rail India Technical and Economic Service (RITES) and IRCON.
It may be underlined that currently, IRCON is headless following the exit of Yogesh Kumar Mishra recently while PESB has started shortlisting candidates for CMD post. Further, RITES is currently headed by Rahul Mithal as its CMD.
The exercise of Navratna powers will be subject to guidelines and conditions laid down. Also, the continuation of Navratna status is subject to continued fulfilment of Navratna criteria and condition and review of the performance relating to Navratna status prescribed in this regard from time to time.
How Navratna status is granted to any PSU?
Those Central PSUs are granted ‘Miniratna’ category who obtain ‘EXCELLENT’ or ‘VERY GOOD’ rating under the MoU system in three of the last five years, and have composite score of 60 or above in the six selected performance parameters, namely, (i) net profit to net worth, (ii) manpower cost to total cost of production/services, (iii) profit before depreciation, interest and taxes to capital employed, (iv) profit before interest and taxes to turnover, (v) earning per share and (vi) inter-sectoral performance.
New Delhi (12.10.2023): In a fresh strategic move, the NaMo Govt granted Navratna status to key PSUs under the administrative control of Ministry of Railways namely -- Rail India Technical and Economic Service (RITES) and IRCON.
It may be underlined that currently, IRCON is headless following the exit of Yogesh Kumar Mishra recently while PESB has started shortlisting candidates for CMD post. Further, RITES is currently headed by Rahul Mithal as its CMD.
The exercise of Navratna powers will be subject to guidelines and conditions laid down. Also, the continuation of Navratna status is subject to continued fulfilment of Navratna criteria and condition and review of the performance relating to Navratna status prescribed in this regard from time to time.
How Navratna status is granted to any PSU?
Those Central PSUs are granted ‘Miniratna’ category who obtain ‘EXCELLENT’ or ‘VERY GOOD’ rating under the MoU system in three of the last five years, and have composite score of 60 or above in the six selected performance parameters, namely, (i) net profit to net worth, (ii) manpower cost to total cost of production/services, (iii) profit before depreciation, interest and taxes to capital employed, (iv) profit before interest and taxes to turnover, (v) earning per share and (vi) inter-sectoral performance.
