Government grants Maharatna status to two PSUs BHEL and GAIL

The government today granted Maharatna status to BHELBSE -1.03 % and GAIL, a development which will provide them greater financial and functional autonomy and also ensure better valuation for shares of the two PSUs. "The competent authority has approved the grant of Maharatna status for BHEL and GAILBSE 0.06 % which will give these public sector units greater financial autonomy," Secretary in the Department of Public Enterprises (DPE) O P Rawat told PTI. A Maharatna firm can take investment decision of up to Rs 5,000 crore without going to the government. For Navratna firms, this limit is Rs 1,000 crore. However, both these PSUs do not have the requisite number of non-official directors on its board and are therefore not eligible to exercise the Maharatna powers till the time required number of officials are appointed on their boards. ref: http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/government-grants-maharatna-status-to-two-psus-bhel-and-gail/articleshow/18292476.cms