HYDERABAD: The state-run Bharat Heavy Electricals Ltd (BHEL) and GAIL India will receive the Maharatna status in the next three months, thanks to the introduction of new norms and guidelines under the Department of Public Enterprises (DPE).
On Friday, the Union ministry for major industries indicated that the proposed norms will be placed before the Cabinet for approval by next month.
“It’s going for a cabinet approval in a month’s time. I hope, by June, this matter will be clearly resolved. BHEL will be the first of the lot to get the Maharatna status,” said Praful Patel, minister for Major Industries and Public Enterprises.
DPE has decided to relax the eligibility criteria for PSUs to qualify for the Maharatna status.
As per the proposed norms, a company can be classified as a Maharatna if it has posted an average annual turnover of Rs 20,000 crore, with a net worth of Rs 10,000 crore and an average net profit of Rs 2,500 crore in the last three consecutive years as opposed to Rs 25,000 crore turnover and Rs 5,000 average net profit in the past three consecutive years.
Speaking to the media on the sidelines of an event orgainsed by BHEL, Ramchandra Puram unit, he said that apart from BHEL, other public sector units such as GAIL will also be conferred with the Maharatna status.
“This will allow companies to take major decisions such as foreign acquisitions at a board level,” he explained.
Currently, there are five Maharatna companies - ONGC, Indian Oil, SAIL, NTPC and Coal India Ltd.
Besides, there are 15 Navaratna companies including BHEL, GAIL and NMDC.