IOC, ONGC, SAIL, NTPC to be country’s first Maharatna companies

Four public sector behemoths--Indian Oil Corporation, Oil and Natural Gas Corporation, Steel Authority of India Limited and National Thermal Power Corporation-- are likely to become the country’s first Maharatna companies by April-May this year.

‘My department is in possession of applications from IOL, ONGC, SAIL and NTPC for Maharatna status. The papers are being scrutinised at present. The status is expected to be conferred on them in the next 60 to 90 days,’ Heavy Industries and Public Enterprises Secretary Bhaskar Chatterjee today said.

Talking to reporters on the sidelines of a programme here, Mr Chatterjee said the four PSEs who had so far been in the category of Navaratna were the only eligible companies right now to be in the exclusive club of elites.

Coal India, another public sector leader going neck to neck with the four others, would become the fifth Maharatna only after getting listed in the stock exchange, he said.

The Government had earlier decided to award the status to top state-owned companies to give them more freedom to negotiate joint ventures, investments and grow capacity.

The eligibility criteria set for Maharatna status call for a turnover of at least Rs 25,000 crore, net worth of Rs 15,000 crore and net profit of Rs. 5,000 crore for consecutive three years. A Maharatna aspirant must also be listed on the stock exchange.