It will provide them greater financial and functional autonomy and also ensure better valuation for shares of the two PSUs
New Delhi: Central Public Sector Enterprises Bharat Heavy Electricals Ltd (BHEL) and Gas Authority of India Ltd (GAIL) have been accorded Maharatna statuses by the Union government.
The apex committee, headed by Cabinet Secretary Ajit Kumar Seth, has approved both the proposals for awarding the status to these two PSUs as they meet the eligibility criteria in terms of net worth, turnover and net profit.
A company qualifying for the Maharatna status should have an average annual turnover of more than Rs 25,000 crore in the last three years, according to the Department of Public Enterprises guidelines.
A press statement released by BHEL Communications and Public Relations Senior Deputy manager AV George at Tiruchirapalli in Tamil Nadu on Sunday said, consistent high performance and fulfillment of eligibility criteria has helped the BHEL to get the Maharatna status.
This will help the Public Sector Undertaking to attain the target of Rs one lakh crore turn over by 2016-17. BHEL, which is now manufacturing power equipment, can now pursue in the sectors of transportation, renewable energy, and transmission.
It will get enhanced powers to expand its operations in domestic and global markets. Moreover it can participate in international projects and gain access to technology, engineering materials and markets.