Navratna status: Heavy Industries Ministry gets 4 proposals

NEW DELHI: The Heavy Industries and Public Enterprises Ministry has received proposals for four public sector units, including NHPC Ltd and Engineers India Ltd, for the grant of Navratna status, Parliament was informed today.

"The proposals for grant of Navratna status to Engineers India Ltd, Rashtriya Chemicals and Fertlisers Ltd, National Hydro Power Corporation (NHPC) Ltd and Mazagaon Dock Ltd have been received form their concerned administrative ministries," Minister for Heavy Industries and Public Enterprises Praful Patel said in a written reply to the Rajya Sabha.

The coveted tag empowers the Board of a central PSU to take investment decisions of up to Rs 1,000 crore in a joint venture project or wholly-owned subsidiary.

The minister said that proposals for grant of Navratna status to CPSEs are to be initiated by the concerned administrative ministries and are considered in terms of laid down procedure.

Presently, there are 14 CPSEs which have been granted this status.