New Delhi, October 14, 2023 In a significant development, the Ministry of Finance has granted ‘Navratna’ status to two Central Public Sector Enterprises (CPSEs) under the Ministry of Railways, Ircon International Limited (IRCON), and RITES Ltd (RITES). This recognition marks a remarkable milestone for these organizations, solidifying their positions in the realm of infrastructure and transport. Let’s delve deeper into the details of this remarkable achievement.
RITES Ltd – A Pioneer in Transport Infrastructure
Celebrating its 50th year of incorporation, RITES Ltd has been a pioneer in the field of transport infrastructure consultancy and engineering in India. The organization has made substantial contributions in diverse sectors, including transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management. With a vast portfolio, RITES Ltd has been at the forefront of shaping India’s transportation and infrastructure landscape.
The conferment of ‘Navratna’ status upon RITES Ltd is a testament to its excellence and dedication to the field. This recognition will enable the organization to strengthen its brand presence, compete more effectively in the global market, and explore new avenues for growth. As a ‘Navratna,’ RITES Ltd is now poised to play a pivotal role in shaping the future of the transportation and infrastructure sectors.
IRCON – Expertise in Railways, Highways & More
IRCON International Limited (IRCON), another CPSE under the Ministry of Railways, has built a legacy of expertise in railways, highways, and extra high tension substation engineering and construction. With over 47 years of experience, the company has successfully executed a wide range of projects, encompassing railway construction, electrification, tunnelling, signal & telecommunication systems, leasing of locomotives, road construction, building complexes, airport infrastructure, and metro and mass rapid transit systems.
IRCON’s operations span not only across various states in India but also extend to other countries. In the financial year 2022-23, the company achieved a consolidated annual turnover of Rs. 10,750 crore and recorded a profit after tax of Rs. 765 crore. This remarkable financial performance is a reflection of IRCON’s commitment to excellence and innovation in the infrastructure and transportation sectors.
With the prestigious ‘Navratna’ status, both RITES Ltd and IRCON are now better positioned to enhance their market credibility and take on larger size Public-Private Partnership (PPP) projects. This recognition will open new avenues for growth, innovation, and collaboration in the Indian infrastructure landscape.
The Ministry of Railways’ decision to confer ‘Navratna’ status upon RITES Ltd and IRCON is a significant step in recognizing and rewarding excellence in the field of transport infrastructure and engineering. Both organizations have demonstrated unwavering commitment and innovation, and this recognition will undoubtedly bolster their capabilities and global presence.
With this newfound status, RITES Ltd and IRCON are set to embark on a journey of growth, exploration, and collaboration, shaping the future of transportation and infrastructure in India and beyond.