Power equipment maker Bharat Heavy Electricals (BHEL) has been granted Maharatna status by the Government of India (GoI). The company has received the same on the back of consistent high performance, while operating in a highly competitive environment and fulfillment of the required eligibility criteria.
Maharatna status will help the company to realize its long-term objectives and reach a turnover of Rs 1 lakh crore by 2016-17. A Maharatna firm can take investment decision of up to Rs 5,000 crore without going to the government.
A company qualifying for the Maharatna status should have an average annual turnover of more than Rs 25,000 crore in the last three years, according to the guidelines. BHEL had a turnover of Rs 49,510 crore and net profit of Rs 7,040 crore in the year 2012.
