Hindustan Petroleum and Power Grid Corp are now ‘Maharatna’

Must Read

Microsoft partners with Accenture to host virtual startup challenge in India

Microsoft 100X100X100 program that focuses to bring 100 companies and 100 early and growth startups will collaborate with Accenture Ventures Open Innovation program to host Accenture Ventures Challenge

SAP eyes India’s MSMEs with ‘Global Bharat’ program

With the aim to focus on MSMEs market in India, has launched 'Global Bharat' program with Nasscom, UNDP and

With AWS Outposts, Amazon Web Services enters into data center in India

Amazon Web Services said that AWS Outposts, a new product that brings its cloud infrastructure to on-premises data center is now available in India

The government has accorded ‘’ status to and Power Grid Corporation. This will enable them to have 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. As per the rules, 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 he 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’ 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.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

- Advertisement -SAP Hana

Related Articles