Indian Railways’ PSUs, RITES and IRCON elevated to Navratna status

New Delhi, India (Metro Rail Today): In a significant development that resonates with India's vision for modernizing its rail infrastructure, Ircon International Limited (IRCON) and RITES Ltd (RITES), both Central Public Sector Enterprises (CPSEs) under the aegis of the Ministry of Railways, have been honored with the prestigious 'Navratna' status. The announcement, made by the Ministry of Finance on October 13, 2023, marks a momentous occasion for these two organizations, positioning them as the 15th and 16th Navratnas among CPSEs, and enhancing their standing in the realm of Indian infrastructure.

RITES Ltd: Pioneers in Transport Infrastructure

RITES Ltd, as it enters its illustrious 50th year of incorporation, stands as a beacon in the realm of transport infrastructure consultancy and engineering in India. With a multifaceted portfolio, RITES provides its invaluable services across diverse sectors, including transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management.

The conferment of 'Navratna' status upon RITES is a significant milestone that will enable the organization to further fortify its brand presence, compete more effectively on a global scale, and embark on new frontiers with a heightened sense of purpose and ambition.

IRCON: Crafting Excellence for 47 Years

IRCON, with 47 years of unwavering commitment to excellence, has carved a niche for itself in the fields of Railways, Highways, and Extra High Tension substation engineering and construction. The company boasts an impressive track record of successfully executing projects across various domains.

Their operations span the entire spectrum of railway construction, including ballast-less track, electrification, tunneling, signal & telecommunication, as well as leasing locomotives. Beyond rail, IRCON has made its mark in the construction of roads, highways, commercial, industrial, and residential buildings and complexes. The company's expertise extends to airport runway and hangar construction, as well as the development of metro and mass rapid transit systems.

With a wide-ranging presence that transcends borders, IRCON conducts operations not only across multiple states in India but also in other countries. In the Financial Year 2022-23, IRCON achieved a consolidated annual turnover of an impressive Rs. 10,750 crore, with a Profit after Tax reaching Rs. 765 crore.

The elevation to 'Navratna' status promises to open new avenues for both RITES and IRCON, allowing them to enhance their market credibility and take on larger-sized Public-Private Partnership (PPP) projects.

A Legacy of Excellence Continues

It is important to note that earlier this year, Rail Vikas Nigam Limited (RVNL), another Central Public Sector Enterprise under the Ministry of Railways, was also conferred with the esteemed 'Navratna' status. These developments underscore the commitment of the Indian Railways and its affiliated PSUs to raise the bar in the realm of infrastructure development.

In conclusion, the grant of 'Navratna' status to RITES Ltd and IRCON represents a significant milestone for these organizations and holds promise for the future of India's rail and infrastructure sectors. With their enhanced status, these companies are poised to make substantial contributions to the nation's ambitious infrastructure development goals.