According to an official, Power Ministry has recommended ‘Maharatna’ status for the country’s largest power transmission company Power Grid Corporation of India Limited (PGCIL). Maharatna status allows state-run firms greater financial autonomy. It means they can decide on investments of up to 15% of their net worth in a project without government approval.
Power Grid has achieved the qualifying parameter of average annual turnover of Rs 20,000 Crore for three years. After this PGCIL had applied for Maharatna Status. If the proposal is approved by the Centre, PGCIL will become the eighth ‘Maharatna’ public sector undertaking and the second in the power sector after Bharat Heavy Electricals Ltd, Indian Oil Corp, Oil & Natural Gas Corp, Bharat Petroleum Corp, Coal India Ltd, NTPC Ltd and Steel Authority of India Ltd.