New Delhi, Sep 21 (Calcutta Tube) Government-run Bharat Pumps and Compressors Ltd and Bridge and Roof Company (I) Ltd were Tuesday conferred miniratna status, which allows them greater autonomy.
Conferring the status, union Heavy Industries and Public Enterprises Minister Vilasrao Deshmukh observed that the prestigious status allows the state-run firms substantial financial and operational autonomy.
The miniratna status also rids the firm of various restrictions in fields of joint venture, recruitment, appointment, promotions etc, the minister added.
While the Bridge and Roof Company (I) Ltd was granted category I Miniratna status, Bharat Pumps and Compressors Ltd was granted category II status.
A state-run firm, continuously making a profit for the last three years and making a pre-tax profit of Rs.30 crore for at least one year during the period and also having a positive net worth, is entitled to category I Miniratnta status.
For category II status, the state-run firm should have made profit for the last three years continuously and should have a positive net worth.