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IREDA gets 'Navratna' status
Context
Indian Renewable Energy Development Agency (IREDA) received the prestigious 'Navratna' status.
About Classification of India’s Central Public Sector Enterprises (CPSEs)
- India's central public sector enterprises (CPSEs) are classified into three major categories - Miniratna, Navratna and Maharatna CPSEs.
- Aim to assign ratna statuses to CPSEs:to give operational freedom and decision-making power to the state-run entities.
- Numbers: There are 57 Miniratna, 17 Navratna and 13 Maharatna companies. IREDA become the 17th Navratna company.
Miniratna Status
- There are two sub-categories under the Miniratna status - Miniratna-I and Miniratna - II.
- Miniratna Category-I: CPSEs which reported profits in three consecutive years, have a pre-tax profit of Rs 30 crore or more in at least one of the three years, and have a positive net worth.
- Miniratna Category-II: PSUs with a profit for the last three successive years and have a positive net worth.
- Other requirements:
- A CPSE should have not defaulted on repayment of loans or interest due to the government.
- Miniratna entities need not depend upon budgetary support or government guarantees.
Navratna status
- Eligibility:PSUs that have a Miniratna-I status and have obtained an "Excellent" or "Very Good" MoU rating in three out of the last five years and have a composite score of 60 or more in six selected performance indicators (including net profit to net worth, manpower cost to total cost of production, etc).
- Important PSUs: IREDA, BEL, CONCOR, Hindustan Aeronautics, NALCO, NBCC, NMDC, PFC
Maharatna status
- Eligibility:
- Should have a "Navratna" status
- Should be listed on the Indian stock exchanges
- Should be compliant with minimum shareholding norms
- Average annual turnover of more than Rs 25,000 crore and average annual net worth of over Rs 15,000 crore in the last three years
- Average annual net profit of over Rs 5,000 crore in the last three years along with significant global presence.
- Important PSUs: BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC
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Fact Box: About IREDA
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