Government receives proposals from NHPC, EIL, RCFL and Mazagaon Dock for Navratna status

NEW DELHI: The government today said it has received proposals from four PSUs, including NHPC and Engineers India Ltd, for grant of coveted Navratna status.

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

"Such proposals are considered by the inter-ministerial committee and thereby by the apex panel. The recommendations of the apex committee for grant of Maharatna/Navratna status to CPSEs are placed before the Minister of Heavy Industries and Public Enterprises for a decision," Patel said.

At present, there are 14 Navratna CPSEs such as NMDC and Oil India Ltd; and 7 Maharatna companies including BHEL, GAIL and CIL.