The government expects to grant the ‘Maharatna’ status to four public sector firms--Oil & Natural Gas Corporation (ONGC), Steel Authority of India (SAIL), NTPC Ltd and Indian Oil Corporation (IOC) in the next two to three months.
Coal India Limited (CIL) is expected to get the status by 2011, once it gets listed on the stock exchanges, said Bhaskar Chatterjee, secretary, department of public enterprises (DPE) secretary, Union ministry of heavy industries and public enterprises, at an interactive session organised by the Bengal National Chamber of Commerce and Industry here today.
Subsequently, the four companies will have the autonomy to create positions for executives in the E-7 and E-9 categories, and recruit for them also. They can also take investment decisions for up to Rs 5,000 crore without the government approval, against the present limit of Rs 1,000 crore. The government expected applications for the status by the four companies in the next two weeks, added Chatterjee. The qualifying criteria for Maharatna status are, turnover of Rs 25,000 crore, net worth of Rs 15,000 crore, and net profit after tax of Rs 5,000 crore, for the last three years. This apart, the companies should be listed on the stock exchange for getting the status, informed Chatterjee. There are about 241 Central public sector units in the country, out of which 213 are operating, and employing a total of 16 lakh people.
On sick public sector enterprises, Chatterjee said the amount of money sanctioned for the bail-out of the companies was gradually getting reduced, as the government was in favour of reviving them through public private partnerships.
This apart, the guidelines of CSR activities taken up by the public sector companies is likely to be announced soon, he said.
