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The Heavy Industries Minister, Mr Praful Patel, has said that BHEL is likely the next candidate to get the coveted Maharatna tag, a move that will provide more financial flexibility to the state-run power equipment manufacturer.
“One of the companies which can qualify for Maharatna status in near future is BHEL...,” Mr Patel told reporters on the sidelines of an AIMA event here today.
At present, there are four Maharatnas — ONGC, Indian Oil, SAIL and NTPC.
A PSU with Maharatna status can invest up to Rs 5,000 crore in a project independently, while the limit for Navratna companies is Rs 1,000 crore.
To get the Maharatna status, a company needs to have a three-year track record of an annual net profit of over Rs 5,000 crore, net worth of more than Rs 15,000 crore and a turnover of more than Rs 25,000 crore. It should also be a listed firm.
“It (to accord Maharatna status to BHEL) is being examined and will be done shortly. BHEL is likely to fulfil that criteria soon,” Mr Patel added.
The company’s turnover was Rs 33,173.34 crore in the fiscal 2009-10. However, its annual average net profit was Rs 3,433 crore during the last three years.
Maharatna scheme was announced by the Government in December 2009 to give more operational freedom to the top-performing PSUs.
Meanwhile, BHEL shares were trading at Rs 2192.5, down 0.05 per cent from the last close on the Bombay Stock Exchange.
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