As if 2023 wasn’t already an excellent year for NRL, it was awarded the Navratna tag, which raises its profile even higher, as it becomes one of the best performing CPSEs of India. The status of Navratna comes with certain perks and is not easy to achieve. The company has to have proven high-level of financial performance, good corporate governance, maturity in operations, which will allow it to enjoy some freedom and flexibility in making decisions, investing funds, and entering into joint ventures, setting up subsidiaries, and undertaking acquisitions within the country and overseas without seeking government clearance. For a refinery located in Assam – a state which traditionally lagged behind the western and southern regions of the country in terms of participating in the success stories of Indian industries – it means much. It allows it to be a more competitive entity that may go into expansion and diversification in renewable energy, liquefied natural gas, and petrochemical projects.
This recognition along with the accolades that the organization had been receiving in terms of being recognized for its operational efficiency and CSR activities makes for a great story line that the organization has completed this year – getting recognition for its current status and getting the power to decide its future course of action. Moreover, by becoming a Navratna PSU, the company has just added one more organization to the growing list of Navratna PSUs in India.
