New Delhi- The Centre has approved Miniratna Category-I status for engineering and consultancy firm MECON Limited, giving the public sector enterprise greater financial and operational independence after it met the required performance benchmarks.
The Ministry of Steel announced the decision on Wednesday, stating that MECON qualified for the upgraded status by maintaining profitability for three consecutive financial years and fulfilling the financial criteria laid down by the Department of Public Enterprises (DPE).
The Ranchi-headquartered company posted a profit before tax (PBT) of Rs 77.62 crore in FY24 (restated), Rs 32.08 crore in FY25, and Rs 104.53 crore in FY26. As of March 31, 2026, its net worth stood at Rs 535.42 crore, comfortably meeting the eligibility requirements for Miniratna Category-I recognition.
The new status gives MECON’s Board greater authority to make financial and business decisions without seeking prior government approval in many cases. This is expected to help the company move faster on investments, technology upgrades, modernization initiatives, and expansion projects.
Established in 1959, MECON is one of India’s leading engineering, consultancy, project management, and contracting firms. Headquartered in Ranchi, the company has played a key role in the development of the country’s steel industry while expanding its expertise into mining, infrastructure, power, oil and gas, and other core sectors.
With enhanced autonomy, MECON is expected to improve its competitiveness in domestic and international markets, speed up decision-making, and execute large-scale projects more efficiently.
According to the government, the move reflects its continued focus on empowering high-performing central public sector enterprises by granting them greater operational flexibility. The decision is also aimed at strengthening the public sector, improving efficiency and competitiveness, and enabling companies like MECON to contribute more effectively to India’s economic growth and infrastructure development.
With inputs from IANS