PowerGrid gets 'Navratna' status
The Government today granted coveted 'Navratna' status to PowerGrid Corporation of India Ltd, giving the transmission financial autonomy to take independent decision on investments up to Rs 1,000 crore.
By PTI |
New Delhi: The Government today granted coveted 'Navratna' status to PowerGrid Corporation of India Ltd, giving the transmission financial autonomy to take independent decision on investments up to Rs 1,000 crore.
"We have issued the order after the company fulfilled some of the criteria, like taking 50 per cent non-official independent directors on the board," Secretary in the Department of Public Enterprises R Bandhopadhyay told media
With the grant of the Navratna status, the board of PGCIL will be able to take decisions on investments up to Rs 1,000 crore, or 15 per cent of its networth, without seeking approval of the government.
Bandhopadhyay said PGCIL now joins the club of 15 Navratna companies which include NTPC, ONGC, SAIL, BHEL and NALCO.
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