Navratna status granted to Indian Railways' RITES Ltd, IRCON

New Delhi [India], October 13 (ANI): Ircon International Limited (IRCON) and RITES Ltd(RITES), PSUs under the Ministry of Railways involved in transport consultancy and the engineering sector, have now been upgraded to Navratna status, Ministry of Railways said on Friday.
IRCON and RITES Ltd have been announced as 15th and 16th Navratna respectively among CPSEs.
The Ministry of Finance on Thursday conferred 'Navratna' status on RITES and IRCON, the Railways Ministry said.
Notably, 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 and sustainability, ports and 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 its 47th year is in Railways, Highways and Extra High Tension substation engineering and Construction.
The company has executed projects operated in the areas of Railway construction including ballastless track, electrification, tunnelling, signal and telecommunication as well as leasing of locos, construction of roads, highways, commercial, industrial and residential buildings and complexes, airport runways 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 10,750 crore 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 undertaking larger-size PPP projects. (ANI)