What is in news : Govt. of India accorded ‘Maharatna’ status to the state-owned Power Finance Corporation Ltd (PFC), thus giving PFC greater operational and financial autonomy.

PFC – Power Finance Corporation

• Is an financial institution.
• Wholly owned by the Government of India.
• Essentially a state-run non-banking financial company that focuses on power infrastructure

What is MAHARATNA STATUS:

• Miniratna, Navratna and Maharatna Status are given to PSUs depending on their success.
• Department of Public Enterprises under Ministry of Heavy Industries & Public Enterprises grants these status.
• The “Maharatna” category for CPSEs was introduced in 2009 with objective to empower mega CPSEs to expand their operations and emerge as global giants or become Indian Multinational Companies (MNCs).
• At present, there are Eight Maharatna companies:
  • Bharat Heavy Electricals (BHEL),
  • Coal India (CIL),
  • GAIL (India),
  • Indian Oil Corporation Limited,
  • NTPC,
  • Oil and Natural Gas Corporation (ONGC)
  • Steel Authority of India (SAIL)
  • Bharat Petroleum Corporation Limited
• Maharatna and Navaratna state-owned units operate in strategic fields such as coal, petroleum, steel, heavy engineering, telecommunications, power supply and transportation services.
• Criteria for Maharatna status
  • Having Navratna status.
  • Average annual turnover of more than Rs. 25,000 crore, during last 3 years.
  • Average annual net worth of more than Rs. 15,000 crore, during last 3 years.
  • Average annual net profit after tax of more than Rs. 5,000 crore, during last 3 years.
  • Should have significant global presence and international operations.
  • Listed on Indian stock exchange with minimum prescribed public shareholding limit under SEBI regulations.