The central government has granted approval for the conferral of Navratna status upon Rashtriya Chemicals and Fertilizers Limited (RCF). In an announcement made on Tuesday, RCF revealed that the Department of Public Enterprise (DPE) operating under the Ministry of Finance has officially bestowed upon them the Navratna Status.
The powers’ delegation, the exercise of Navratna powers by RCF’s Board, and the evaluation of performance related to RCF’s Navratna status will be governed by established guidelines and any subsequent amendments in this regard. The Ministry of Chemicals & Fertilizers, Department of Fertilizers, recommended the granting of Navratna status to RCF on February 9, 2023.
In response to this development, shares of the government-owned fertilizers manufacturer Rashtriya Chemicals & Fertilizers (RCF) experienced a substantial surge of 6.79%, reaching Rs 130.40 per share on Tuesday. This remarkable increase in share value was attributed to the government’s decision to bestow ‘Navratna’ status upon the company.
