Ministry of Power
SJVN conferred with Prestigious Navratna Status by Government of India
Posted On:
31 AUG 2024 8:48PM by PIB Delhi
SJVN has been conferred with prestigious Navratna status by Department of Public Enterprises, Government of India. This prestigious recognition, making company 25th Navratna of India, marks a momentous milestone in SJVN’s 36-year journey. Sh. Sushil Sharma, Chairman & Managing Director, SJVN expressed his heartfelt gratitude for visionary leadership of Hon’ble Prime Minister Sh. Narendra Modi in witnessing this historical day. He expressed gratefulness for continuous guidance and unwavering support of Hon’ble Finance Minister Smt. Nirmala Sitharaman and Hon’ble Power Minister Sh. Manohar Lal. Sh. Sharma also extended special thanks to Government of Himachal Pradesh for always assisting the company as an Equity Partner.
Sh. Sharma said, "the Navratna status is conferred upon select CPSEs that have consistently demonstrated exceptional financial performance and managerial efficiency. This will allow us greater financial and operational freedom to further our business interests and contribute to nation’s energy security. The Navratna status not only recognizes SJVN's past achievements but also sets the stage for us to undertake larger projects, form strategic partnerships and contribute more significantly to government’s vision of achieving 500 GW of renewable energy capacity by 2030.”
The company can now make investment on its projects without any financial ceiling, thereby accelerating the growth path of the company. Additionally, company can invest up to 30% of its net worth annually, further fueling its ambitious expansion plans. This enhanced autonomy also allows SJVN to form joint ventures, set up overseas subsidiaries and undertake organizational restructuring to optimize its operations.
SJVN was accorded the coveted Miniratna status in 2008. Currently, SJVN boasts a project portfolio of 56,802.4 MW, with thirteen projects totaling 2466.5 MW of installed capacity under operation and 75 projects under various stages of implementation across hydro, solar, wind, thermal, and transmission lines. The company established in 1988 as a joint venture between the Government of India and the Government of Himachal Pradesh, has grown into a multi-faceted power entity with operations across India and Nepal.
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Sushil kumar
(Release ID: 2050497)
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