Government Grants 'Navratna' Status to NHPC, SJVN, and SECI

The government has bestowed 'Navratna' status on NHPC, SJVN, and SECI, public sector undertakings, granting them greater operational and financial autonomy. The newfound status will enable these companies to make quicker decisions, increase efficiency, and support major investment plans, ultimately fostering growth and long-term gains in the power sector.

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

According to an order by the Department of Public Enterprise (Ministry of Finance) dated August 30, 2024, NHPC has been declared a 'Navratna Company,' providing it with greater operational and financial autonomy, NHPC said in a statement. NHPC CMD RK Chaudhary hailed the recognition as a historic moment, emphasizing the company's significant contributions to India's hydropower sector and its recent diversification into wind and solar energy.

Based in Faridabad, NHPC was previously operating as a Mini Ratna Category-I entity under the Ministry of Power. The Navratna status is expected to bring faster decision-making, increased efficiency, empowered employees, and support for major capital expenditure and investment plans. It aims to drive growth, expand market reach, and achieve long-term gains.

Shimla-based SJVN also announced the receipt of Navratna status. According to an exchange filing, the Department of Public Enterprises, Ministry of Finance, awarded the new status to SJVN Limited on August 30, 2024. Established as a joint venture between the Government of India and the Government of Himachal Pradesh, SJVN was operating as a Mini Ratna, Category-I and Schedule 'A' CPSE.

The Solar Energy Corporation of India Ltd (SECI), under the Ministry of New and Renewable Energy (MNRE), also received Navratna status. SECI is a nodal agency for auctioning renewable energy projects.

(With inputs from agencies.)