Government granted the ‘Maharatna’ status to Hindustan Petroleum Corporation Limited (HPCL) and power Grid Corporation of India Limited (PGCIL) recently.
This will impart greater operational and financial autonomy thus enhancing powers of their Boards to take financial decisions.
Boards of these PSUs will enjoy independence in forming joint ventures, acquisitions and mergers of specific kind subjected to a ceiling of 15% of net worth of concerned CPSE, limited to Rs 5,000 crore in one project.
The Boards can also structure and implement schemes relating to personnel as well as human resource management and training.
CPSEs fulfilling the following criteria are eligible to be considered for Maharatna status:
Having Navratna status.
Listed on the Indian stock exchange, with a minimum prescribed public shareholding under SEBI regulations.
An average annual turnover of more than Rs. 20,000 crore during the last three years.
An average annual net worth of more than Rs.10,000 crore during the last three years.
An average annual net profit of more than Rs. 2,500 crore during the last 3 years.
Significant global presence or international operations.
