Heavy Industries Minister Praful Patel to discuss with PM Manmohan Singh ways of improving performance of CPSUs

NEW DELHI: Minister of Heavy Industries and Public Enterprises Praful Patel today said his ministry hoped to take up with Prime Minister Manmohan Singh in a fortnight ways to improve the functioning of Central Public Sector Undertakings.

He said the public sector CEOs felt that like in the case of the private sector firms, they should also get an opportunity to meet the Prime Minister and various other functionaries of the government.

"That is why, the Department of Public Enterprises (DPE) will take this up with the Prime Minister and arrange a meeting for the public sector heads (in a fortnight) to discuss the issues and also to see that how CPSEs can be better performers and become truly global," he said.

He was speaking to reporters on the sidelines of a All India Management Association (AIMA) function.

Patel observed that CPSEs do not function only within the corners of the country, but also across the globe.

Asked if the DPE will pitch for greater financial autonomy for CPSEs, Patel said: "Of course, it is a consistent endeavour to give them more autonomy and that is why Maharatnas and Navratnas companies have been formed".

"They have certain caps on spending and investment and we would like to see that it is further expanded and liberalised so that they are able to operate much more freely in an ever changing world," he said.

A Maharatna company's board need not seek government permission for investments upto Rs 5,000 crore in a joint venture project or wholly-owned subsidiary. For a Navratna CPSE, this limit is fixed at Rs 1,000 crore.

Besides, the minister said he will pursue a time-bound agenda within the government to ensure that these issues can be resolved more expeditiously.

At present, there are 5 Maharatna companies -- ONGC, NTPC, IOC, SAIL and CIL-- and 16 Navratna companies, including BHEL and GAIL.