Decision on 'Maharatna' CPSEs expected soon

The government is likely to take a decision soon on granting the 'Maharatna" status to a few central public sector enterprises, which may include PSU heavyweights like ONGC, SAIL, BSNL, NTPC and CIL.
    
The proposal to grant more autonomy to these firms has been sent by the Department of Public Enterprises for the Cabinet clearances, sources said.
    
"The proposal is expected to come up for consideration of the Cabinet soon,," an official told PTI.
    
The coveted tag would give the central public sector enterprises (CPSEs) greater autonomy to forge joint ventures, float overseas arms and the freedom to decide on mergers and acquisitions of a particular size.
    
'Maharatna' companies may be allowed to make investment decisions of up to Rs 5,000 crore without having to go to the government for approval.
    
However, only a few CPSEs may qualify for strict criteria under consideration. These may include Rs 30,000 crore or more turnover and at least Rs 5,000 crore net profit in the past three years, besides an average net worth of Rs 15,000 crore.
    
At present, the boards of 18 'Navaratna' CPSEs, including ONGC, BHEL, CIL, GAIL and NTPC, have the powers to decide on investments of up to Rs 1,000 crore, beyond which they need approval either from their administrative ministries or the Cabinet.
    
Besides financial autonomy, the 'Navratna' CPSEs also enjoy other functional freedom in respect of recruitment, promotion, and service conditions employees.