SAIL, NTPC seek Maharatna status

NEW DELHI: SAIL and NTPC, two of the blue-chip PSUs, have approached the government seeking the coveted Maharatna status that will give them greater financial autonomy.

"We have received their applications. We will send them to the Cabinet Secretary within 15 days," Bhaskar Chatterjee Secretary in the Department of Public Enterprises said.

He said, applications from oil PSUs – ONGC and IOC – are also expected in the next few days.

The Union Cabinet had cleared the Maharatna scheme in December 2009 and set the eligibility norms for the same.

For the Maharatna tag, companies need to have a three-year track record of annual net profit of over Rs 5,000 crore, net worth of more than Rs 15,000 crore and turnover of more than Rs 25,000 crore, besides being listed on the stock exchanges.

At present, only these four firms meet the stringent criteria.

A Maharatna tag will give the companies the power to take investment decisions of up to Rs 5,000 crore independent of the government against the present limit of Rs 1,000 crore, accorded to them under the Navratna status.

Of the 158 profit-making PSUs, 18 enjoy the Navratna status while 62 are mini-Navratnas.