New Delhi, July 1 (IANS) The Ministry of Steel has approved the granting of Miniratna Category-I status to engineering major MECON Limited, as the Central Public Sector Enterprise (PSE) has achieved the required financial milestones which include generating continuous profits in the last three years, according to an official statement issued on Wednesday.

The company recorded a profit before tax (PBT) of Rs 77.62 crore in FY 2023-24 (restated), Rs 32.08 crore in FY 2024-25 and Rs 104.53 crore in FY 2025-26. The public sector company also reported a positive net worth of Rs 535.42 crore (as on March 31, 2026). This has enabled the public sector company to fulfil the eligibility criteria prescribed by the Department of Public Enterprises (DPE) for grant of Miniratna Category-I status.

The Miniratna Category-I status provides enhanced financial and operational autonomy to the Board of MECON Limited. The enhanced delegation of powers will enable the Company to undertake investments, modernisation initiatives, technological upgradation and business expansion projects with greater flexibility and speed, which is expected to help the company to accelerate its growth in the future.

MECON Limited, established in 1959 and headquartered in Ranchi, is one of India’s premier engineering, consultancy, project management and contracting organizations. The Company has made significant contributions to the development of the country’s steel sector and has diversified its operations across mining, infrastructure, power, oil and gas and other core sectors of the economy.

The enhanced financial and operational autonomy that goes with the Miniratna status will enable the company to compete more effectively in the global market, speed up decision-making, and execute large-scale projects without requiring prior government approval.

The decision underscores the Government’s continued commitment to empowering high-performing CPSEs through enhanced autonomy and operational flexibility. It is in line with the broader objective of strengthening public sector enterprises, improving their efficiency and competitiveness, and enabling them to play a greater role in India’s economic growth and infrastructure development, the statement added.

–IANS

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