3-Dec-2019: Ratna Status to CPSEs

The criteria laid down by the Government for grant of Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs) is given below:

Criteria for grant of Maharatna status to CPSEs: The CPSEs meeting the following criteria are eligible to be considered for grant of Maharatna status.

      1. Having Navratna status
      2. Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations
      3. An average annual turnover of more than Rs. 25,000 crore during the last 3 years
      4. An average annual net worth of more than Rs. 15,000 crore during the last 3 years
      5. An average annual net profit after tax of more than Rs. 5,000 crore during the last 3 years
      6. Should have significant global presence/international operations.

Criteria for grant of Navratna status to CPSEs: The CPSEs which are Miniratna I, Schedule ‘A’ and have obtained ‘excellent’ or ‘very good’ MOU rating in three of the last five years and having composite score of 60 or above in following six selected performance indicators are eligible to be considered for grant of Navratna status.

(Maximum Weight)

                                                                                                              100 

1.         Net Profit to Net worth                                                          25

2.         Manpower Cost to total Cost of Production or                 15

            Cost of Services

3.         PBDIT to Capital employed                                                  15

4.         PBIT to Turnover                                                                    15

5.         Earning Per Share                                                                  10

6.         Inter Sectoral Performance                                                   20

Criteria for grant of Miniratna status to CPSEs 

Miniratna Category-I status: - The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna-I status.

Miniratna Category-II status: - The CPSEs which have made profit for the last three years continuously and have a positive net worth are eligible to be considered for grant of Miniratna-II status.

      • Miniratna CPSEs should have not defaulted in the repayment of loans/interest payment on any loans due to the Government.
      • Miniratna CPSEs shall not depend upon budgetary support or Government guarantees.

There is one Navratna CPSE, viz. NLC (India) Limited and two Miniratna CPSEs, viz. Chennai Petroleum Corporation Limited and Kamarajar Port Limited having registered office in Tamil Nadu.

Presently, there is no proposal with Department of Public Enterprises for grant of Maharatna or Navratna status to any CPSE having registered office in Tamil Nadu. As per extant guidelines, the administrative Ministry/Department of the concerned CPSE is competent to decide to confer Miniratna status keeping in view the laid down eligibility criteria. The list of existing 10 Maharatna, 14 Navratna and 73 Miniratna CPSEs is as under:

Maharatna CPSEs

      1. Bharat Heavy Electricals Limited
      2. Bharat Petroleum Corporation Limited
      3. Coal India Limited
      4. GAIL (India) Limited
      5. Hindustan Petroleum Corporation Limited
      6. Indian Oil Corporation Limited
      7. NTPC Limited
      8. Oil & Natural Gas Corporation Limited
      9. Power Grid Corporation of India Limited
      10. Steel Authority of India Limited

Navratna CPSEs

      1. Bharat Electronics Limited
      2. Container Corporation of India Limited
      3. Engineers India Limited
      4. Hindustan Aeronautics Limited
      5. Mahanagar Telephone Nigam Limited
      6. National Aluminium Company Limited
      7. NBCC (India) Limited
      8. NMDC Limited
      9. NLC India Limited
      10. Oil India Limited
      11. Power Finance Corporation Limited
      12. Rashtriya Ispat Nigam Limited
      13. Rural Electrification Corporation Limited
      14. Shipping Corporation of India Limited

Miniratna Category - I CPSEs

      1. Airports Authority of India
      2. Antrix Corporation Limited
      3. Balmer Lawrie & Co. Limited
      4. Bharat Coking Coal Limited
      5. Bharat Dynamics Limited
      6. BEML Limited
      7. Bharat Sanchar Nigam Limited
      8. Bridge & Roof Company (India) Limited
      9. Central Warehousing Corporation
      10. Central Coalfields Limited
      11. Central Mine Planning & Design Institute Limited
      12. Chennai Petroleum Corporation Limited
      13. Cochin Shipyard Limited
      14. EdCIL (India) Limited
      15. Kamarajar Port Limited
      16. Garden Reach Shipbuilders & Engineers Limited
      17. Goa Shipyard Limited
      18. Hindustan Copper Limited
      19. HLL Lifecare Limited
      20. Hindustan Newsprint Limited
      21. Hindustan Paper Corporation Limited
      22. Housing & Urban Development Corporation Limited
      23. HSCC (India) Limited
      24. India Tourism Development Corporation Limited
      25. Indian Rare Earths Limited
      26. Indian Railway Catering & Tourism Corporation Limited
      27. Indian Railway Finance Corporation Limited
      28. Indian Renewable Energy Development Agency Limited
      29. India Trade Promotion Organization
      30. IRCON International Limited
      31. KIOCL Limited
      32. Mazagaon Dock Shipbuilders Limited
      33. Mahanadi Coalfields Limited
      34. MOIL Limited
      35. Mangalore Refinery & Petrochemical Limited
      36. Mineral Exploration Corporation Limited
      37. Mishra Dhatu Nigam Limited
      38. MMTC Limited
      39. MSTC Limited
      40. National Fertilizers Limited
      41. National Projects Construction Corporation Limited
      42. National Small Industries Corporation Limited
      43. National Seeds Corporation
      44. NHPC Limited
      45. Northern Coalfields Limited
      46. North Eastern Electric Power Corporation Limited
      47. Numaligarh Refinery Limited
      48. ONGC Videsh Limited
      49. Pawan Hans Helicopters Limited
      50. Projects & Development India Limited
      51. RailTel Corporation of India Limited
      52. Rail Vikas Nigam Limited
      53. Rashtriya Chemicals & Fertilizers Limited
      54. RITES Limited
      55. SJVN Limited
      56. Security Printing and Minting Corporation of India Limited
      57. South Eastern Coalfields Limited
      58. Telecommunications Consultants India Limited
      59. THDC India Limited
      60. Western Coalfields Limited
      61. WAPCOS Limited

Miniratna Category-II CPSEs

      1. Artificial Limbs Manufacturing Corporation of India
      2. Bharat Pumps & Compressors Limited
      3. Broadcast Engineering Consultants India Limited
      4. Central Railside Warehouse Company Limited
      5. Engineering Projects (India) Limited
      6. FCI Aravali Gypsum & Minerals India Limited
      7. Ferro Scrap Nigam Limited
      8. HMT (International) Limited
      9. Indian Medicines & Pharmaceuticals Corporation Limited
      10. MECON Limited
      11. National Film Development Corporation Limited
      12. Rajasthan Electronics & Instruments Limited

24-Oct-2019: Govt accords 'Maharatna' status to Hindustan Petroleum, Power Grid Corp

The government 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 the net worth of the concerned CPSE, limited to Rs 5,000 crore in one project.

The Boards can also structure and implement schemes relating to personnel and human resource management and training. They can also enter into technology joint ventures or other strategic alliances, among others.

The holding companies of a 'Maharatna' PSU are also empowered to transfer assets, float fresh equity and divest shareholding in subsidiaries, subject to the condition that the delegation will only be in respect of the subsidiaries set up by the holding company.

HPCL was incorporated in 1974 after the takeover and merger of erstwhile Esso Standard and Lube India through the Esso (Acquisition of Undertaking in India) Act passed by Parliament.

Power Grid Corporation of India Limited is India's largest electric power transmission utility firm. It is a listed company since 2007.

11-Jun-2019: Indian Railway Station Development Corporation (IRSDC) enters into Tripartite Agreement with French National Railways (SNCF) & AFD, a French Agency

Indian Railway Station Development Corporation (IRSDC) entered an Tripartite Agreement with French Railways (SNCF) & AFD, a French Agency on 10th June, 2019.

Under this agreement, AFD a French agency, has agreed to provide in-kind grant financing up to 7,00,000 EURO, through French National Railways (SNCF)-Hubs and Connexions as a Technical Partner to IRSDC to support the Railway Station Development Program in India. This will impose no financial liability on IRSDC or Indian Railways.

India and France have a strong and long standing prosperous partnership in the Railway sector. French Railways (SNCF) in the past has been associated with Indian Railways in conducting speed upgradation study for Delhi-Chandigarh section and station development of Ludhiana & Ambala stations. I am sure that this effort will go a long way in further strengthening Indo-French cooperation and will help Indian Railways in positioning its stations to world class standards.

3-Oct-2018: Cabinet approves Redevelopment of Railway Stations by IRSDC as Nodal Agency, through simplified procedures and longer lease tenure.

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the redevelopment of Railway Stations by Indian Railway Stations Development Corporation Limited (IRSDC) as Nodal Agency and main Project Development Agency, through simplified procedures adapting various business model and for longer lease tenure of upto 99 years. Thus, paving the way for large scale modernisation and ensure world class infrastructure.

Redevelopment of major stations across the country is planned by leveraging commercial development of land and air space in and around the station. This program will help provide state-of-the-art amenities for passengers, generate additional revenues and will be overall at least cost neutral to Ministry of Railways (MoR) over a basket of stations. Furthermore, redevelopment of railway stations across the country will have a multiplier effect in the economy with increased job creation and improved economic growth.

IRSDC being the Nodal agency will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of this program. Upon approval of business plans by MoR, IRSDC or other Project Development Agencies will take up the work of station redevelopment. Railway/RLDA/IRSDC will be planning and development authority for Railway land in consultation with urban local bodies, DDA or other UTs, to transfer land on free hold basis to Railways. This would enable Ministry of Railways to accelerate the redevelopment of major stations across the country on an overall cost neutral basis. These redevelopment efforts will lead to creation of State-of-the-art smart stations that will function as mini smart cities.

Railway passengers and Industry shall be benefited at large. Passengers will now get amenities at par with international railway terminals and a large number of local job creation is expected as a positive external outcome of this program.

Background: A Cabinet approval was obtained on 24th June 2015 to redevelop ‘A1’ and ‘A’ category stations by Zonal Railways through Cabinet approved procedures and for a lease period of 45 years.  However, insufficient interest was visible amongst the prospective bidders. During various interactions with developers, investors and other stakeholders, various issues including multiple sub leasing, simplified bid procedures etc. were repeatedly raised. Therefore, an improvised and simpler program design including these issues and under a specialized executing agency (IRSDC), incorporating suitable structural, process and parameters changes, has been adopted to revamp the station redevelopment program.

8-Nov-2018: Cabinet approves strategic disinvestment of 100% Govt. of India’s equity in the Dredging Corporation of India Ltd. (DCIL).

The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has given ‘in principle’ approval for strategic disinvestment of 100% Government of India's shares in DCIL to consortium of four ports namely, Vishakhapatnam Port Trust, Paradeep Port Trust, Jawahar Lal Nehru Port Trust and Kandla Port Trust.

Presently the Government of India holds 73.44% shares in Dredging Corporation of India Limited. The approval will further facilitate the linkage of dredging activities with the ports, keeping in view the role of the DCIL in expansion of dredging activity in the country as well as potential scope for diversification of ports into third party dredging. The co-sharing of facilities between the company as well as ports shall lead to savings for ports.  This would further provide opportunities for larger investment in DCIL as integration with ports shall help ineffective vertical linkage in the value chain.

The strategic disinvestment of DCIL shall be undertaken after conducting due diligence exercise by both the entities with the help of Advisors, appointed for the transaction.

  1. Heavy Water Board
  2. National Scheduled Castes Finance and Development Corporation (NSFDC)