New Delhi, Jan 30 (Inditop.com) At least four leading public sector enterprises from the oil, energy and steel sectors are likely to get “Maharatna” status that will enable them take investment decisions worth up to $1 billion without seeking the government’s approval, an official said Saturday.
Currently, the best performing public sector undertakings (PSUs) are accorded Navaratna status – with powers to take independent investment decisions up to $200 million – and most of them are trying hard to achieve Maharatna status. PSU giants like Oil and Natural Gas Corporation (ONGC), National Thermal Power Corporation (NTPC), Steel Authority of India (SAIL) and Indian Oil Corporation (IOC) are in the race for Maharatna status.
The government is expected to make an announcement in next few days, Bhaskar Chatterjee, secretary in the Department of Public Enterprises said.
“As of now, four appear to be there. We hope to confer the Maharatna status in about 10 days,” he told reporters on the sidelines of a conference organised by the Confederation of Indian Industry (CII) here.
Chatterjee said the scrutiny committee, which would decide on PSU companies to be granted Maharatna status, will be constituted very soon and it would not take much time to confer the status on the PSUs.
He hinted at IOC, NTPC, SAIL and ONGC as major contenders for the Maharatna category.
The four companies are currently among the 18 Navaratna PSUs. Besides being listed on the bourses, Navaratna PSUs have an annual net profit of over $1 billion (Rs.5,000 crore) consecutively for three years besides having a net worth of $3 billion (Rs.15,000 crore) and a turnover of $5 billion (Rs. 25,000 crore).
PSUs which get the Maharatna status will have more autonomy and can take investment decisions upto $1 billion (Rs.5,000 crore) without the approval of the government. Currently Navratna PSUs have a limit of $200 million (Rs.1,000 crore).
