Bharat Heavy Electricals Ltd (BHEL) has approached the government for the grant of coveted Maharatna status, which will give the company greater financial autonomy.
"The company had applied for the grant of the status to the Department of Public Enterprises (DPE) about a week ago," sources said.
At present, BHEL is a Navratna company. Once a company gets the Maharatna status, its board would not be required to take the government's permission for investments up to Rs 5,000 crore in a joint venture project or wholly-owned subsidiary. For the Navratna companies, the limit is Rs 1,000 crore.
A company qualifying for the Maharatna status should have an average annual turnover of more than Rs 20,000 crore in the last three years, according to the new guidelines.
Earlier, annual turnover required for three consecutive years was Rs 25,000 crore.
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http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/engineering/bhel-approaches-govt-for-grant-of-maharatna-status/articleshow/7916161.cms
Friday, April 8, 2011
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