New Delhi, Aug 3 (IANS) The government has accorded the coveted Maharatna status to NTPC, Oil and Natural Gas Corporation, Steel Authority of India Limited and Indian Oil Corporation, allowing the four state-run enterpises greater financial and operational autonomy to become global giants.
Minister of State for Heavy Industries and Public Enterprises Arun Yadav Tuesday gave this information to the Rajya Sabha and said the four public sector firms were confered the status May 19 this year.
Replying to a query on the prerequisite for grant of Maharatna status to public sector enterprises (PSEs), he said the four PSEs were conferred the prestigious status after the proposal for the same were made by their administrative ministries.
Yadav said for a central PSE to be considered for grant of Maharatna status, it must already have a Navratna status and must be listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
Additionally, it must have an average annual turnover of more than Rs.25,000 crore for the last three years, besides having an average annual net worth of more than Rs.15,000 crore during that period.
The minister added that the PSE must also have an average annual net profit after tax of more than Rs.5,000 crore in the last 3 years, besides having a significant global presence and international operations.