The Finance Ministry has conferred the prestigious Navratna status to public sector undertakings, NHPC and SJVN, offering them greater operational and financial autonomy.
According to a Department of Public Enterprises order issued on Friday, this status will empower the PSUs with faster decision-making, increased efficiency and greater empowerment.
It will also enable these companies to make significant capital expenditure decisions and investment plans, propelling growth.
“This is a significant moment for the country as the hydro CPSUs like NHPC and SJVNL are playing a pivotal role in harnessing the hydropower potential leading to powering the country by limiting greenhouse gases or other pollutants,” remarked Union Power Minister Manohar Lal while felicitating the chief executives of NHPC and SJVNL.
The finance ministry statement further said that the status would provide these companies autonomy to establish joint ventures overseas, access new markets and leverage local expertise.
Furthermore, it will foster innovation through technological alliances, strengthen market positioning, and facilitate mergers and acquisitions, leading to growth with an increased market share.
NHPC, formerly National Hydroelectric Power Corp., and SJVNL, earlier Satluj Jal Vidyut Nigam Ltd., have a total installed capacity of 7,144 megawatts and 2,467 MW, respectively.
Both companies are engaged in the construction of projects totaling 10,443 MW by NHPC and 4,836 MW by SJVNL.
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