Maharatna status to top PSUs likely in six months

The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.

The government would soon set up a scrutiny committee for according the Maharatna status to companies which qualify the criteria defined by the Cabinet on December 24.

"We are in the process of setting up the committee," Deshmukh said, adding that state-owned companies will have to meet the norms.

"I think in the next six months the job will be completed and they will get the new status," he said.

Of the 18 Navaratnas, SAIL, ONGC and NTPC met the stiff criteria set by the government, including a three-year track record of annual net profit of over Rs 5,000 crore, net worth of Rs 15,000 crore and turnover of Rs 25,000 crore, besides being listed entities in the bourses.

Their boards will be empowered to take investment decisions up to Rs 5,000 crore against the present Rs 1,000 crore limit without seeking government approval.

At present, the top performing Central PSUs are accorded the Navaratna status while there are no Maharatna firms in the country.