The government on Wednesday accorded ‘Maharatna’ status to state-owned Hindustan Petroleum and Power Grid Corporation, thus giving them greater operational and financial autonomy. Two separate orders to this effect were issued by the department of public enterprises, under the ministry of heavy industry and public enterprises.
The grant of ‘Maharatna’ status to the PSUs will impart enhanced powers to their boards to take financial decisions. The boards of ‘Maharatna’ central public sector enterprises (CPSEs) can make equity investments to undertake financial joint ventures and wholly owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of he net worth of the concerned CPSE, limited to Rs 5,000 crore in one project. Read More