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IRCON signs MoU with  NIIFL & AYANA to explore and collaborate in the solar energy sector

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Ayana Power to explore opportunities in solar energyOn June 1, 2020 Ircon International Ltd(IRCON), a Miniratna(Category-I) Schedule, public sector enterprise has signed a Memorandum of Understanding(MoU) with National Investment and Infrastructure Fund Limited(NIIFL) and Ayana Renewable Power Private Limited(AYANA), NIIF platform company to explore and collaborate on opportunities in the solar energy sector.

Major Highlights:

i.As per the MoU, NIIFL and IRCON have agreed in-principle to identify, bid and execute solar energy projects through joint ventures/consortium arrangements & will evaluate strategic partnerships across infrastructure projects

ii.The partnership also considers suitable opportunities for solar energy production for Indian Railways as they seek to increase the share of renewables in their overall energy mix.

iii.By utilizing the complementary strengths of all partners the collaboration will enable the execution of renewable energy projects at scale  

Categories of CPSEs

The Government of India had categorized Central Public Sector Enterprises (CPSEs) under three categories of Navratna, Miniratna, and Maharatna on the basis of factors namely, turnover, net worth and net profit on the annual basis and the presence of the company in the stock exchange as per the Securities and Exchange Board of India (SEBI) rules.

About Miniratna

To grant enhanced autonomy and delegation of financial powers to some other profit making companies (other than the Navratnas) subject to certain eligibility conditions and guidelines to make them efficient and competitive.

There are 2 categories under Miniratna namely:

Category I Eligibility- Have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years

Category II Eligibility- Have made profits continuously for the last three years and should have a positive net worth.

About IRCON:
Registered Office– New Delhi, India
Chairman & Managing Director(MD)– S.K. Chaudhary

About NIIFL:

Headquarters- Mumbai , Maharashtra
Registered Office– New Delhi, India
MD & Chief Executive Officer(CEO)– Sujoy Bose

About AYANA:
Headquarters– Bangalore, Karnataka 
Chairman– S. S. Mundra 
MD & CEO– Shivanand Nimbargi