IRCON International Limited (IRCON) and RITES Ltd (RITES) have been conferred ‘Navratna’ status by the Ministry of Finance. RITES, entering its 50th year, is a significant player in transport infrastructure consultancy and engineering, operating across diverse sectors such as transportation, railways, rolling stock export, highways, airports, metros, urban engineering, sustainability, ports, waterways, and energy management. The Navratna status for RITES is expected to enhance its global competitiveness, nurturing its brand and opening avenues for aggressive growth.
On the other hand, IRCON, with 47 years of expertise, specializes in railways, highways, and extra-high-tension substation engineering and construction, covering a spectrum of projects. With a consolidated annual turnover of Rs. 10,750 crores and a Profit After Tax of Rs. 765 crores in the Financial Year 2022-23, IRCON’s Navratna status aims to bolster its market credibility and enable it to undertake larger Public-Private Partnership (PPP) projects.
The conferred status recognizes their operational excellence, granting strategic autonomy and positioning both companies for continued growth and market leadership in the infrastructure sector.
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