New Delhi: State-owned Coal India Ltd (CIL) is likely to get listed by October and may be accorded the Maharatna tag by 2010 end, while BHEL has to wait for at least a year to be awarded with the coveted tag, reports PTI quoting a senior official.
At present, there are four Maharatnas-Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), Steel Authority of India Ltd (SAIL) and NTPC.
"...CIL will become our fifth Maharatna once its public issue goes through. We were hoping by the end of October and it is pretty much in line with that," secretary in the Department of Public Enterprises (DPE) Bhaskar Chatterjee said here.
When asked if the company would become a Maharatna by the year end, he said, "Yes." He was talking to reporters on the sidelines of All India Management Association function.
CIL, the world's largest coal-miner, would be entitled for greater financial freedom once it gets Maharatna status.
On power major BHEL's qualification for the coveted title Mr Chatterjee said, "BHEL will take at least a year or two (to qualify for the status). It is doing well otherwise but they need to meet minimum norms that will take a little while."
A company needs to have a three-year track record of annual net profit of over Rs5,000 crore, net worth of more than Rs15,000 crore and turnover of more than Rs25,000 crore, besides being listed on bourses to be eligible for the Maharatna status.
CIL, with about four lakh employees, had turnover Rs52,000 crore in fiscal 2009-10. It has had over Rs5,000 crore profit in the past three years.
However, BHEL does not fulfil the net profit requirement criteria to qualify for Maharatna.
BHEL's turnover was Rs33,173.34 crore in 2009-10.
However, the company's annual average net profit was Rs3,433 crore during the last three years.
Maharatna scheme was announced by the government last December to give more operational freedom to the top-performing PSUs.
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