New Delhi (24.09.2024): Another state-owned large-size ‘Navratna’ company critical to India’s defence sector awaits approval of the Apex Committee for Maharatna status. Reportedly, the Inter-Ministerial Committee (IMC) headed by the Secretary of the Department of Public Enterprise (DPE) has completed its course on the proposal to grant Hindustan Aeronautics Limited (HAL) ‘Maharatna’ status.
HAL is currently a ‘Navratna’ PSU. Oil India is the last company to have been accorded the ‘Maharatna’ status on August 03, 2023. India currently has 13 ‘Maharatna’ PSUs including Coal India, REC, PFC, GAIL. BHEL, HPCL, IOCL, NTPC, ONGC, Power Grid, Oil India etc.
Sources say that IMC, having considered HAL for ‘Maharatna’ status, now waits five-member Apex Committee meeting chaired by the Union Cabinet Secretary. The recommendations of the Apex Committee would be placed before the Minister for Heavy Industry and Public Enterprise (HI&PE) for announcement and notification granting ‘Maharatna’ status.
It is assumed that HAL would hit the business landscape in its ‘awatar’ by the end of this year or a little early. The Maharatna status would empower HAL to expand its operations and emerge as global giant. The status will equip its Board to facilitate and formalise the expansion of its operations, both in domestic as well as global markets. In its new version HAL will able to invest up to 15 per cent of its net worth in a project and can also make foreign investments worth up to Rs 5,000 crore without government approval.
(By Rakesh Ranjan)
