New Delhi: Oil majors ONGC and IOC, telecom firm BSNL, steel-maker SAIL, and Coal India Ltd (CIL) may be the only state-run firms which would be granted the coveted ‘Mahanavaratna’ status, conferring them greater operational autonomy.
According to the criteria set by Department of Public Enterprises (DPE), only five pubic sector enterprises (PSUs) could meet the qualifying norm in turnover, profitability and net worth.
Sources said Mahanavaratna status would be given to PSUs who had clocked Rs30,000 crore or more turnover in the past three years and earned more than Rs5,000 crore profit after tax in three consecutive years.
Also, the Mahanavaratna-eligible PSU should have an average net worth of Rs15,000 crore and global presence, according to the cabinet note circulated by DPE.
ONGC had clocked a net profit of Rs16,126 crore in 2008-09, while in the preceding years the profit of Rs16,701.65 crore and of Rs15,642.92 crore. The net sales of ONGC in 2008-09 was Rs63,949 crore. It was Rs59,848.48 crore in 2007-08 and Rs56,641.42 crore in 2006-07.
While IOC registered a net profit of Rs6,962.58 crore in 2007-08, in the preceding years the profit was Rs7,499.47 crore and Rs4,915.12 crore. The standalone total income of the company rose to Rs3,09,087.59 crore during fiscal year 2009, from Rs2,49,169.16 crore in the previous fiscal.