For want of a nail the battle is being lost

How board compositions and tenures are costing PSUs their leadership

In the public sector undertaking (PSU) universe the maharatna companies are those that have the bluest blood running through their veins. They have larger balance sheets than the navratnas and the mini-ratnas, that fall below them in the pecking order. And they are given more autonomy — being free to decide on investments of up to 15 per cent of their net worth. There are eight of these — Bharat Heavy Electricals Ltd (BHEL), Bharat Petroleum Corporation Ltd (BPCL), Coal India Ltd, GAIL (India) Ltd, Indian Oil Corporation Ltd (IOC), NTPC Ltd, Oil & Natural Gas Corporation Ltd (ONGC) and