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Mazagon Dock Shipbuilders receive Navratna status, becoming India's 18th PSU to achieve this. The company can now undertake investments up to ₹1,000 crore without needing prior approval from the central government. Additionally, Navratna companies can invest up to 30% of their net worth within a year.
Mazagon Dock Shipbuilders has been granted "Navratna" status by the Department of Public Enterprises, as per an exchange filing. This designation makes it the 18th Public Sector Undertaking (PSU) in India to receive such status.
Mazagon Dock now stands alongside prominent companies like Engineers India, CONCOR, Bharat Electronics, Hindustan Aeronautics, RCF, NALCO, NMDC, RVNL, IRCON, and IREDA.
Explore:Mazagon Dock Shipbuil Ltd Share Price
With the new Navratna status, Mazagon Dock Shipbuilders gained significant financial and operational autonomy. The company can now undertake investments up to ₹1,000 crore without needing prior approval from the central government.
Additionally, Navratna companies can invest up to 30% of their net worth within a year, provided the total does not exceed ₹1,000 crore. This status also permits the formation of JVs, alliances, and the establishment of subsidiaries abroad, enhancing the company's strategic flexibility.
To be eligible for Navratna status, a PSU must first hold Miniratna status and meet specific financial benchmarks. These include:
In April 2024, IREDA also received Navratna status from the Department of Public Enterprises. Inspired by this achievement, IREDA aims to attain Maharatna status by 2030, signalling the potential for further elevation in the status of PSUs like Mazagon Dock Shipbuilders as they continue to meet and exceed performance benchmarks.
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