Four PSUs may get Maharatna tag next month

NEW DELHI: Four state-owned companies--ONGC, SAIL, NTPC and IOC--are likely to get the Maharatna status next month that will allow them to take investment decisions of up to Rs 5,000 crore independent of the government.

The Department of Public Enterprises (DPE) has already considered the applications for the grant of Maharatna tag to four PSUs and sent the proposals to a high-level secretaries' panel headed by Cabinet Secretary K M Chandrasekhar for approval.

"The Department has circulated the applications to the secretaries," sources said, adding that a decision was likely to be taken by the middle of May.

Besides the Cabinet Secretary, other members of the apex committee are Secretaries of the Department of Public Enterprises, Department of Expenditure and the Planning Commission.

The four firms for the Maharatna tag fulfill the criteria of 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.

Of the 158 profit-making PSUs, 18 enjoy the Navratna status while 62 are mini-Navratnas. In all, there are 246 PSUs in the Central sector.

At present, the board of the Navratna PSU can make investment decision up to Rs 1,000 crore on its own.