Finance ministry approves Navratna status to Rail Vikas Nigam
1 min read . Updated: 26 Apr 2023, 09:46 PM IST
Premium- RVNL will be the 13th Navratna amongst CPSEs
NEW DELHI : Union Finance Ministry on Wednesday gave its approval to upgrade Rail Vikas Nigam Limited (RVNL) to Navratna Central Public Sector Enterprise (CPSE) from Category-I Miniratna.
RVNL, a public sector undertaking under the Ministry of Railways, will be the 13th Navratna amongst CPSEs.
This means the company will have more autonomy in terms of investment, setting up joint venture and other financial decisions.
“Finance Minister Nirmala Sitharaman has approved the upgradation of RVNL to Navratna CPSE. RVNL will be the 13th Navratna amongst the CPSEs," Department of Public Enterprises (DPE) said in a tweet.
RVNL is a Ministry of Railways CPSE with an annual turnover of ₹19,381 crores and net profit of ₹1,087 crores for the years 2021-22.
As per the Navratna Company criteria, the company must have Miniratna status, with 4 independent board directors.
Moreover, the company must get a score of 60 out of 100 in parameters like net worth, net profit, total production cost, manpower cost, service cost, capital employed, and PBDIT.