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'Maharatna' status mooted for major public sector firms
The government is considering giving "maharatna" status to big public sector undertakings (PSUs) to provide them greater freedom to take strategic decisions in key areas of investment and mergers and acquisitions.
The plan to create the "maharatna" group among the so-called "navaratna" companies is part of the 100-day agenda of the ministry of heavy industries and public enterprises, a government statement said Monday.
The "navratna" scheme was introduced in 1997.
Currently 18 "navratna" companies have financial autonomy to invest up to Rs.1,000 crore in setting up joint ventures or subsidiaries abroad and freedom to decide on merger and acquisitions without the government permission.
The "navaratna" club includes companies like Coal India that has a turnover of Rs.3,526 crore and Indian Oil Corp, whose turnover stood at Rs.2.74 trillion in 2007-08.
The demand for the "maharatna" status was initially raised by oil majors.
Last updated on Jun 22nd, 2009 at 20:45 pm IST--IANS
Possibly related news:
- Venture capital fund, bank mooted for food processing sector (June 12)
- Indian firms' investments in Europe may drop: FICCI (June 21)
- Indian firms want tougher quality norms on Chinese goods (June 14)
- IT sector growth could slow to 10.8 percent in 2009 (June 21)
- Housing sector to recover by 2010, says report (June 24)
Other News Headlines
Railway Minister Mamata Banerjee Sunday laid the foundation for a Rs.860-crore rail coach factory at Kanchrapara which is expected to supply 500 EMU and Metro coaches annually over a period of ten years.
Thiruvananthapuram/Bangalore/New Delhi, March 21 (IANS) Twenty-seven passengers had a close shave Sunday when an explosive, a cocktail of sulphur, potassium chlorate and aluminum powder, was found in the cargo section of a Kingfisher flight after it landed in Thiruvananthapuram from Bangalore.
India's leading telecom operator Bharti Airtel Sunday announced it has tied up the whole financing requirement of $8.3 billion (Rs.37,350 crore) debt for its planned acquisition of Kuwait-based Zain Telecom's African unit.
British Airways cabin crew continued their strikes Sunday, with the airline saying flight schedules were less disrupted than originally feared.
The full Planning Commission, led by Prime Minister Manmohan Singh, will meet Tuesday to review the state of the economy and also consider the approval of the mid-term appraisal of the 11th Plan (2007-12), an official said Sunday.
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