Union Finance Ministry Grants Approval for Rail Vikas Nigam Limited’s Upgradation to Navratna CPSE
On Wednesday, the Union Finance Ministry granted approval to upgrade Rail Vikas Nigam Limited (RVNL) to a Navratna Central Public Sector Enterprise (CPSE) from Category-I Miniratna. This move will make RVNL the 13th Navratna among CPSEs.
As a public sector undertaking under the Ministry of Railways, RVNL will have greater autonomy in terms of investment, setting up joint ventures, and making other financial decisions. The Department of Public Enterprises (DPE) announced in a tweet that Finance Minister Nirmala Sitharaman had approved the upgradation of RVNL to Navratna CPSE.
RVNL, a Ministry of Railways CPSE, reported an annual turnover of ₹19,381 crores and a net profit of ₹1,087 crores for the years 2021-22. To qualify for Navratna Company status, a company must have Miniratna status with four independent board directors and score at least 60 out of 100 in parameters such as net worth, net profit, total production cost, manpower cost, service cost, capital employed, and PBDIT.
This upgradation is expected to boost RVNL’s growth and financial performance, and enhance its status among other CPSEs in the country.
Rail Vikas Nigam Limited (RVNL) is a public sector undertaking in India that serves as the Ministry of Railways’ construction arm for transportation infrastructure development and project implementation.
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