SECI, NHPC and SJVN Attain Navratna Status
Solar Energy Corporation of India (SECI), National Hydroelectric Power Corporation (NHPC) and Satluj Jal Vidyut Nigam (SJVN) have been granted Navratna status by the Ministry of Finance providing them autonomy in financial and operational matters.
August 31, 2024. By EI News Network
“While SJVN is a Ministry of Power CPSE with an annual turnover of INR 2833 crores and net profit of INR 908 crores for FY 2023-24, SECI is a Ministry of New and Renewable Energy CPSE with an annual turnover of INR 13035 crores and net profit of INR 436 crores for FY 2023-24,” informed the Department of Public Enterprises.
The tweet further mentioned that NHPC is a Ministry of Power CPSE with an annual turnover of INR 8405 crores and net profit of INR 3744 crores for FY 2023-24.
Over 13 years since its incorporation, SECI has established itself as a leading CPSE dedicated to the development and expansion of renewable energy (RE) capacity in India. With a cumulative generation awarded capacity of 69.25 GW and an annual power trading volume upwards of 42 billion units, SECI continues to play a pivotal role as the foremost Renewable Energy Implementing Agency (REIA) of India.
“The move will also accelerate the company’s growth path through better agility, improved geographical presence and technology focus. This is yet another marker of the Government’s focus on India’s transition towards sustainable energy,” noted a statement issued by MNRE.
On a similar note, SVJN in a regulatory filing mentioned, “We inform you that 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 Ltd.”
Commenting on the achievement of attaining Navratna status, R.K. Chaudhary, CMD, NHPC said, “This significant achievement coincides with the year of our 50th Rising Day and golden jubilee celebrations, marking a momentous milestone in our journey. For decades, NHPC has been a cornerstone of India's power sector, driving the country's hydropower potential and expanding into wind and solar energy. The Navaratna status enhances our ability to make strategic decisions more swiftly, undertake unlimited capital expenditures, and pursue major investments with greater flexibility.”
He further mentioned that this recognition also strengthens the company’s capacity to form technical joint ventures and strategic alliances, both in India and abroad, positioning NHPC to explore new markets and drive growth through mergers and acquisitions.
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