Govt gives 'maharatna' status to PSU giants
Published on Thu, Dec 24, 2009 at 15:14 | Updated at Thu, Dec 24, 2009 at 16:57 | Source : Moneycontrol.com
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The Cabinet on Thursday decided to grant top public sector undertaking (PSU) companies the maharatna status that would give them more autonomy in decision making.
At a briefing, Union Minister of Information and Broadcasting said companies that could qualify as a maharatna needed to have an annual net worth of Rs 15,000 crore in the last three years and an annual profit post tax of Rs 5,000 crore.
Currently, the government has navratnas, which contains 18 PSUs but the new maharatna status allows those company that qualify to make investment decisions to the tune of Rs 5,000 crore without requirement of government approval.
“One of the major impact of this approval is the scheme envisages to empower mega central public sector enterprises to expand their operations and emerge as global giants,” Soni said.
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