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Govt introduces Maharatna status for top PSUs

December 24, 2009

The government has approved bestowing the ‘Maharatna’ status with enhanced autonomy to the PSUs which have a three-year track record of annual turnover of Rs 25,000 crore and net profit of Rs 5,000 crore.

The decision was taken at the meeting of the Cabinet, presided over by Prime Minister Manmohan Singh.

The government on Thursday transferred State-owned Hindustan Shipyard Ltd from the Shipping to the Defence Ministry to meet the country’s security needs.

Cabinet also approved the proposal of Jet Airways for raising around 1,850 crore rupees from foreign investors.

The proposal, as recommended by Foreign Investment Promotion Board envisages equity investment through the qualified institutional placement route from foreign institutional investors.

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Categories: India
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