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The government has conferred the Mini-ratna II status to National Small Industries Corporation (NSIC), providing it greater financial autonomy, Micro, Small and Medium Enterprises Minister, Mr Virbahdra Singh, said.
A Mini-ratna II company can incur capital expenditure on new projects, modernisation and purchase of equipment without the government approval up to Rs 150 crore or up to 50 per cent of their net worth, whichever is lower.
“NSIC has been made a Mini-ratna company because of its persistent good performance. I hope from mini-ratna, it may try to become a Maharatna company and in the process also give a fillip to the small industries,” Mr Singh said during a function here.
According to the norms, the public sector enterprise should have made profit for three successive years and should have a positive net worth.
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