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India Centre to confer 'Maharatna' status on at least 5 companies
Seeking to allow much greater financial and policy making freedom to public sector giants, the Centre is set to confer 'Maharatna' status--a newly devised honour of the highest order--on at least five companies. ''After 'Navaratna', our department will come out with a new label-- 'Maharatna'--which will be conferred on certain companies giving them far more power than they had ever before,'' Department of Public Enterprises(DPE) Secretary Bhaskar Chatterjee today said. While speaking at a programme to mark the 34th foundation day of Coal Indial Limited (CIL), Mr Chatterjee said the proposal would, however, take about one month time from now before being introduced. ''There is a proposal to confer this status of highest level of excellence on the public sector Navaratnas Steel Authority of India Limited (SAIL), Oil and Natural Gas Corporation (ONGC), Indian Oil Coporation (IOC), National Thermal Power Corporation(NTPC) and Coal India Limited (CIL),'' he later told reporters. However, CIL would have access to the honour only after it got listed on the stock exchange which is expected by the next year. ''Once a company attains this status, its board will enjoy more autonomy, needing not come to the Ministry to take high level decisions like those on investment up to a point,'' Mr Chatterjee said. Under the proposal, the 'Maharatna' companies will be empowered to go for investment up to Rs 50,000 crore both in the country and in abroad without having to seek government approval. But the amount should not exceed one-third of the company's net worth. However, the company will have to get government permission for any foreign acquisition, Mr Chatterjee said. The 'Navaratna' companies are allowed to invest up to Rs 25,000 crore on their own. In reply to a question, Mr Chatterjee said a company would be selected for 'Maharatna' status on the basis of its financial base and performance. The company must have a turn over of Rs 15,000 for a consecutive period of three years and have a consistent record of profitability, he added. -- (UNI) -- 01CA18.xml
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