PSUs NHPC, SJVN, Solar Energy Corporation awarded Navratana status

The government on Friday granted 'Navratana' status to public sector undertakings NHPC, SJVN and SECI.

"As per order issued by the Department of Public Enterprise (Ministry of Finance) on August 30, 2024, NHPC has been declared a ‘Navratna Company, thereby giving it greater operational and financial autonomy," NHPC said in a statement.

NHPC CMD RK Chaudhary said, "This is a historic moment for the NHPC and recognition of our remarkable financial and operational accomplishments. NHPC has been an important player in the Indian power sector and has played a key role in tapping the hydropower potential of the country".

Faridabad-based NHPC was operating as a Mini Ratna Category-I entity under the Ministry of Power.

The company has also diversified in wind and solar energy options, Chaudhary added.

The conferring of Navratna status brings forth key advantages to NHPC. It will enable faster decision-making, increase efficiency and empower employees, the statement said.

It will support major Capex and investment plans, drive growth, expand market reach and achieve long-term gains.

Meanwhile, Shimla-based SJVN said it has also been granted similar status from the government.

In an exchange filing, the company said, "Department of Public Enterprises, Ministry of Finance, Government of India vide its letter no PD-I26/0004/2024-DPE dated August 30, 2024, has granted "Navratna Status" to SJVN Limited".

SJVN Limited is a Mini Ratna, Category-I and Schedule -- ‘A' CPSE, incorporated on May 24, 1988, as a joint venture of the Government of India and the Government of Himachal Pradesh (GOHP).

The government has also granted Navratna status to the Solar Energy Corporation of India Ltd (SECI), the Ministry of New and Renewable Energy (MNRE) said in a statement.

SECI, under the MNRE, is a nodal agency of the central government for auctioning renewable energy projects.