Solar Energy Corporation of India Limited has been given Navratna status

Why in news?

Solar Energy Corporation of India Limited

It is a Central Public Sector Enterprise under the Ministry of New and Renewable Energy
Established in – 2011
Headquarters – New Delhi
It is dedicated to the development and expansion of renewable energy capacity in India
It acts as an implementation agency for the development of solar, wind and hybrid projects as a part of fulfilling the country’s Nationally Determined Contribution (NDC).
It is India’s leading renewable energy implementation agency striving to meet climate goals and achieve sustainable development.

Power to execute significant investments up to ₹1,000 crore without requiring approval from the central authority
Allowed to allocate up to 30% of its net worth per year, but less than ₹1,000 crore
Option to participate in joint ventures, form partnerships and set up foreign subsidiaries
Power to its board of directors to approve mergers and acquisitions in India and abroad
It will need approval from the Cabinet Committee on Economic Affairs to invest abroad

Central Public Sector Enterprises (CPSEs) are classified into three categories based on their profit and net worth –
1. Maharatna
2. Navratna
3. Miniratna
  - Miniratnas are classified into Miniratna Category-I and Miniratna Category-II.

Already having Miniratna Category-I status.
Should have achieved Very Good or Excellent rating under MoU system in three out of the last five years.
Should have scored 60 points or more in the following six performance parameters –
1. Earnings per share – 10 points
2. Net capital and net profit – 25 points
3. Cost of manpower in relation to total cost of production – 15 points
4. Profit before interest and taxes on business – 15 points
5. Profit before depreciation, interest and taxes on capital employed – 15 points
6. Inter-regional performance – 20 points